The last locally owned TV station in the state of Iowa was sold to an outsider yesterday.
Gazette Company owner of KCRG, sold the TV station and the station’s online operation to Gray Television.
With the purchase, new owner Gray Television Inc. of Atlanta will have TV stations in 46 markets in 25 states. KCRG market in Eastern Iowa will be the 11th largest for Gray and its first in Iowa.
Gray said it paid about $100 million in cash for ABC affiliate KCRG-TV9, its latest of about two dozen station purchases in two years.
Kevin Latek, senior vice president for business affairs at Gray Television, said the purchase can be seen as part of a “shakeout” in the local broadcast industry where getting bigger is necessary to survive.
KCRG shared a newsroom with The Gazette’s newspaper, now Gazette says will be looking for new quarters to move their operation.