Gray Media agrees to purchase Block Communications’ TV stations for $80M

Gray Media (GTN) has reached an agreement with Block Communications to acquire its television stations for $80M. The company said, “We expect the transaction to strengthen our presence in the Midwest by creating a new Big Four 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 transaction includes WDRB and WBKI, the FOX and CW affiliates for the Louisville, Kentucky, market, where Gray owns and operates NBC affiliate WAVE3. The transaction also includes WAND, the NBC affiliate for the Springfield-Champaign-Decatur, Illinois, market, and WLIO, the NBC affiliate for the Lima, Ohio, market as well as WLIO’s associated low power television stations. WAND and WLIO each had the highest all-day ratings among television households in their markets during 2024, according to Comscore. Gray anticipates closing these transactions in the fourth quarter of this year following receipt of regulatory approval, including certain waivers of the FCC’s current ownership rules, and other customary closing conditions.