The FCC approved Gray Television’s deal to buy...
The FCC approved Gray Television’s deal to buy 12 Hoak Media stations, and several related transactions involving former Gray and Hoak stations being bought by Gray-affiliated Excalibur Broadcasting, Nexstar and Mission Broadcasting, said Gray in a news release Thursday (http://bit.ly/1jc9Wjk).…
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Three stations involved in the $300 million deal remain unapproved. Some of the transactions had to be changed to comply with a March 12 Media Bureau public notice that announced extra scrutiny for deals involving sharing arrangements and financial entanglements among ostensibly separately owned stations, Gray said. “The changes included removing Gray’s guarantee of Excalibur’s financing to acquire Excalibur’s new stations and eliminating a put/call option on Excalibur’s new stations.” The deal involved stations in Colorado, Florida, Louisiana, Nebraska and North and South Dakota. The transactions are expected to close in Q1 or Q2, said Gray.