Gray buys Smith's KOLO-TV

Gray Television Inc. has an agreement to purchase KOLO-TV Reno, Nev., from Smith TV for $41.5 million cash.

KOLO-TV, on VHF 8, is the top station in the market by a fair margin in
revenue and ratings, and it will celebrate its 50th anniversary next

Gray is currently acquiring 15 former Benedek Broadcasting Corp. stations for $502 million.

Both deals are subject to Federal Communications Commission approval, and they are expected to close at the end
of this year, the company said.

When the deals are complete, Gray will own 29 stations in 25 markets and
reach more than 5 percent of U.S. households.

Gray said it currently intends to finance both of these acquisitions through
a combination of equity and debt securities.