Gray Television has cleared another hurdle in its plans to acquire Schurz Communications, as Gray reached an agreement with the Department of Justice Tuesday to complete the purchase of its broadcast stations and other related divestments.
The transaction is still subject to FCC approval. Gray expects the deal to close in first quarter of 2016.
Gray announced back in September that it was acquiring Schurz’s TV and radio stations for $442.5 million; it later said it would sell the radio stations. Gray and Schurz have a propsed consent decree with the DOJ for the the previously revealed deals to sell specific stations to facilitate regulatory approval.