Gray Television is continuing its acquisitive ways, agreeing to acquire KEVN Rapid City (SD) from Mission TV for $7.75 million. KEVN is the Fox affiliate in DMA No. 173 The transaction includes KEVN's satellite station in Lead, South Dakota, KIVV.
Mission TV is not affiliated with Mission Broadcasting.
"We are excited to add to the Gray family another leading news station in the Upper Midwest, as well as our first standalone full-power Fox affiliate," said Kevin Latek, Gray senior VP for business affairs. "We expect KEVNV will integrate well with our recently announced proposed acquisition of the ABC affiliate in Sioux Falls, South Dakota, and the NBC affiliates in the Fargo and the Minot-Bismarck, North Dakota, markets from Hoak Media."
The transaction is subject to regulatory approval and is expected to close in the first or second quarter of 2014.
In November, Gray and closely aligned Excalibur Broadcasting agreed to acquire 15 stations from Hoak and Parker Broadcasting for $335 million. Separately, Excalibur agreed to acquire two Fox-affiliated television stations in Minot, serviced by Hoak.
"While the decision to sell is a difficult one, I am confident that Gray Television's resources, fine leadership and supportive management team will provide KEVN and its fine employees with tremendous opportunities to build upon their successes and better serve our loyal viewers," said William Reyner, president of Mission TV.