An Atlanta company is buying television stations in two of Minnesota's biggest media markets as part of a deal worth more than $900 million.
Duluth, Rochester TV stations being sold in nearly $1 billion deal
Gray buys Quincy Media, Duluth, Rochester sites.
February 2, 2021 at 3:31PM
KTTC in Rochester and KBJR and sister outlet KDLH in Duluth are among nine stations around the country poised to be sold by Illinois-based Quincy Media to Gray Television Inc., headquartered in Atlanta.
KBJR reported that Quincy President and CEO Ralph Oakley said in a video message to employees this week that Gray intends to offer a job to everyone currently employed at Quincy stations.
The $925 million agreement has been approved unanimously by the boards of directors for both companies and is expected to take effect in the second or third quarter of this year, Gray said in a statement.
Along with KBJR and KTTC, Gray is also buying stations in Fort Wayne, Ind.; Peoria, Ill.; Rockford, Ill.; Sioux City, Iowa; Binghampton, N.Y.; Bluefield-Beckley, W.Va.; and Quincy, Ill.
In order to avoid any federal regulatory stumbling blocks, Gray said it intends to sell off current Quincy stations in markets where the company also owns what it calls a "full-power" television station.
Those stations are in Tucson, Ariz.; Madison, Wis.; Cedar Rapids, Iowa; La Crosse-Eau Claire, Wis.; Wausau-Stevens Point, Wis.; and Paducah (Ky.)-Harrisburg (Ill.).
Gray said that once the transaction is complete, it will have 102 stations that reach about 25% of television households in the United States.
Paul Walsh • 612-673-4482
The two companies announced the agreement Friday evening. The terms are effective immediately.
