Gray acquires 15 stations

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According to Dow Jones & Co. Inc., Gray Television Inc. has completed its purchase of Stations Holding Co. and its
15 network-affiliated television stations.

The acquisition cost Gray $502.5 million, plus certain net
working capital adjustments and assumed liabilities of about $4.5 million.

In a press release Friday, the company reportedly said it funded the acquisition by issuing 30 million common shares for net proceeds of $232.7
million, issuing additional debt totaling $275 million and using cash on
hand.

The company said the acquired television stations serve 13 markets, and 11
are the leading news stations in their markets.

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