Gray Television is acquiring KCRG-TV, the ABC affiliate for Cedar Rapids, Iowa. The company announced Tuesday it has reached a deal with The Gazette Company to purchase the station for approximately $100 million in cash.
KCRG, the top station in DMA No. 90, marks Gray’s first TV station in the state of Iowa.
"The Gazette Company has honored Gray Television by entrusting us with the future stewardship of KCRG-TV, which it has built into a true powerhouse," said Hilton H. Howell, Jr., Gray's president and CEO. "With this very strong foundation and a great staff, we are confident that Gray's backing will propel KCRG-TV to even greater success in the future."
"We realized that we have done all we can do as a single television station with the business and for the people of KCRG TV9,” said Chuck Peters, President and CEO of The Gazette Company. “We look forward to seeing what the very talented KCRG TV9 team can do with the scale and connections of Gray Television."
Gray will continue to partner with Gazette, however, since the latter owns The Cedar Rapids Gazette, which works with KCRG in the region.