Gray Television will sell all the radio stations it is set to acquire from Schurz Communications. Gray announced Monday it has reached agreements to sell them when the acquisition of Schurz Communications broadcasting assets goes through.
"We originally intended to acquire and operate the Schurz radio stations for the long-term," said Kevin Latek, Gray's senior VP for business affairs. "In recent weeks, it became clear that experienced radio broadcasters could better lead these successful radio stations into the future than we could hope to accomplish."
Schurz will transfer its radio stations in three markets to three different companies: the stations in South Bend, Ind., to Mid-West Family Broadcast Group;those in Lafayette, Ind., to Neuhoff Communications; and those in Rapid City, S.D. to The HomeSlice Group. The radio broadcasters will pay $16 million directly to Schurz, thereby decreasing Gray’s total sum owed to Schurz for its TV stations.
"We are delighted to have found three stellar family-owned companies to acquire the Schurz radio stations,” Latek said. “Each of the buyers already operates similar high-quality radio stations in nearby markets. More importantly, each of the buyers shares the passion and vision of the Schurz organization, which ensures that these radio stations continue to serve their audience and employees as well as any broadcast stations in the country."