Gray to Sell WCAV/WVAW and to Acquire WVIR in Charlottesville, Virginia
05 March 2019 - 3:00AM
Gray Television, Inc. (“Gray,” “we,” or “our”) (NYSE: GTN)
announced today that we have entered into agreements to sell our
Charlottesville, Virginia, television stations WCAV (CBS/FOX) and
WVAW (ABC) to an affiliate of Lockwood Broadcasting, Inc. and to
acquire WVIR (NBC) in Charlottesville from Waterman Broadcasting
Corporation.
“The decision to sell WVIR-TV has been challenging and
emotional,” commented Edith B. Waterman, President of Waterman
Broadcasting. “We have had the great privilege of proudly
serving Charlottesville and its surrounding communities since
1986. Our focus has been serving the good people of central
Virginia and taking care of our uniquely talented and dedicated
work family. However, when the opportunity presented itself
to turn our work family and our valued NBC franchise over to Gray
Television, a company that shares our traditions of community
service and broadcast excellence, we knew that this was the right
decision. Gray’s ownership offers WVIR and our employees the
best prospect for the future.”
Since WVIR signed-on the air in 1973, it has dedicated itself to
serving the residents of Charlottesville and surrounding counties
at an impressive scale for a company operating in smaller
markets. For many years, it has ranked as one of the highest
rated television stations in the country. In November 2018,
WVIR’s all day ratings made it the ninth-highest rated NBC
affiliate in the country. Moreover, once Gray acquires WVIR,
Gray will own nine of the top ten ranked NBC affiliates
nationwide.
“The decision to sell our Charlottesville television stations
has been very difficult,” explained Hilton Howell Jr., Gray’s
Chairman and CEO. “After creating WCAV and WVAW from scratch
less than 15 years ago, these start-ups managed to accomplish the
rare feat of becoming strong local news and sales operations in the
face of a very strong legacy television station.
Nevertheless, we had to jump at the opportunity to add a station
like WVIR to our portfolio, and we are excited to welcome WVIR into
the Gray family. In divesting WCAV and WVAW to Lockwood, we
are entrusting our employees and stations to a Virginia-based
broadcaster who has continued to invest in the television stations
that it acquired from us in the past when Gray was required to
divest stations due to market overlaps.”
Prior to acquiring WVIR, we will completely divest
WCAV/WVAW. We anticipate closing both transactions following
receipt of regulatory and other approvals in the second or third
quarter of 2019. Following the closing, Gray will not
maintain any continuing relationship with WCAV/WVAW such as joint
sales, joint retransmission negotiations, news production, or local
marketing arrangements, nor will Gray and Lockwood be party to any
options, loans, or financial guarantees involving these or other
television stations. In short, following consummation of the
transactions, WCAV/WVAW will operate independently of Gray, just as
WVIR will operate independently of its current owner.
About Gray:
Gray currently owns and/or operates television stations and
leading digital properties in 91 television markets, including the
first or second highest rated television station in 85 markets.
Upon closing of all announced transactions, we will own 68
number-one rated television stations in 93 markets covering
approximately 24 percent of US television households. Our
television stations broadcast almost 400 separate programming
streams, including nearly 150 affiliates of the CBS/NBC/ABC/FOX
networks. We also own video program production, marketing,
and digital businesses including Raycom Sports, Tupelo-Raycom, and
RTM Studios, the producer of PowerNation programs and
content. For further information, please visit
www.gray.tv.
Gray Contacts:
Website: www.gray.tv
Kevin P. Latek, Executive Vice President, Chief Legal and Development Officer, 404-266-8333
Gray Television (NYSE:GTN)
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