And So it Begins...
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In a significant move poised to reshape local media landscapes in the Midwest, Gray Television announced on Friday its agreement to purchase Block Communications' television stations for a total of $80 million. This acquisition is one of the first major deals to emerge following the recent relaxation of ownership rules by the Federal Communications Commission (FCC), likely signaling a forthcoming wave of industry consolidation.
The deal encompasses a portfolio of stations including:
WDRB (Fox) and WBKI (CW/MyNetworkTV) in Louisville, Kentucky
WAND (NBC) in the Springfield-Champaign-Decatur, Illinois market
WLIO (NBC/Fox) in Lima, Ohio, along with its associated low-power stations
Gray expressed confidence that the purchase will bolster its market position. "We expect the transaction to strengthen our presence in the Midwest by creating a new Big 4 duopoly in one market and by adding top-ranked local news stations in two more midwestern markets that can support and benefit from our strong local stations in adjacent markets," the company stated.
Highlighting the strength of the acquired assets, Gray noted, “WAND and WLIO each had the highest all-day ratings among television households in their markets during 2024, according to Comscore.”
This acquisition follows another recent purchase by Gray. This week, the company announced it was buying SagamoreHill Broadcasting’s WLTZ, the NBC affiliate in Columbus, Georgia, and KJTV, the Fox affiliate in Lubbock, Texas, demonstrating a clear strategy of aggressive expansion.
Gray anticipates the Block Communications transaction will be finalized in the fourth quarter of this year. The closing is contingent upon receiving regulatory approval, which includes certain waivers of the FCC’s current ownership rules, and satisfying other standard closing conditions.
