Gray Television reached an agreement with Neuhoff Corp. on Thursday to acquire two of its stations, KMVT and KSVT in Twin Falls, Idaho. The price tag for the transaction is $17.5 million.
KMVT, a CBS affiliate, is the top-rated station in Twins Falls and has a multicast CW-affiliate channel. KSVT is a Fox affiliate. Both KMVT and KSVT broadcast and produce their own local HD newscasts.
“A long list of awards and accolades recognize how KMVT and KSVT excel at serving Southern Idaho’s Magic Valley and Sun Valley,” said Gray’s president and CEO, Hilton Howell. “This success makes them a perfect fit for Gray Television.”
Gray expects the acquisition, which is subject to regulatory approval, to close in Q3, 2015.