Gray Television Inc. of Atlanta has entered into an agreement to acquire nine TV stations from Quincy Media Inc. for $925 million in cash.
The stations would give Gray a presence in a total of 102 markets representing of 25.4% of U.S. households.
Quincy Media is a family-owned media company headquartered in Quincy, Illinois, that operates primarily in the Midwest.
Gray traces its roots begin to 1891 with the creation of the Albany Herald and says it owns or operates the number-one rated television station in 69 markets. Its media holdings in Georgia include WTOC11 in Savannah; WAGT26 in Augusta; WTVM9 in Columbus; and WALBNews10 in Albany.
Gray said it will divest itself of six Quincy TV stations in markets where it already owns stations to ease regulatory approvals.
The companies hope to close the deal in the second or third quarter of 2021.
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