The $128 million purchase of ABC affiliates WJRT and WTVG was announced in July.
Gray Television said Monday that it has closed on its previously announced $128 million acquisition of WJRT and WTVG from affiliates of SJL Holdings.
WJRT and WTVG are ABC affiliates in Flint-Saginaw-Bay City, Mich. (DMA 68), and Toledo, Ohio (DMA 76), respectively. In addition, WTVG recently acquired the local CW channel.
According to Gray, both WJRT and WTVG lead their local markets in all-day ratings and in most, if not all, local newscasts. According to BIA revenue data, WJRT is the highest ranked television station in its market, and WTVG is a close second-ranked station in its market.
“We welcome these outstanding, community-focused television stations and their excellent staff to the Gray corporate family,” said Hilton Howell, Gray’s president-CEO. “We are very happy to be able to grow in Michigan and to add our first entirely Ohio-based station to our growing group of news-centered stations.”
The transaction was funded by the net proceeds from an incremental $100 million of term loan borrowings under Gray’s senior credit facility and approximately $33.4 million of cash on hand. The incremental term loan has interest rates, maturity, security and other general terms and conditions consistent with Gray’s existing term loan under Gray’s senior credit facility as amended on June 13.