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Gray Television Purchases Yellowstone

Gray Television, Inc. has bought Yellowstone Television, LLC for $23 million, Gray announced on Monday.

Yellowstone acquired four stations on Nov. 1, which Gray will now takeover.

Those stations include: KGNS-TV Laredo, Texas; KGWN-TV Cheyenne, Wyoming-Scottsbluff, Nebraska; KCHY-LP Cheyenne Scottsbluff, which will now operate under KGWN-TV; and KCWY-TV Casper, Wyoming.

"Gray is thrilled to have the opportunity to expand into three new, dynamic markets through the acquisition of Yellowstone's terrific television stations," said Hilton Howell, Gray's CEO and president. "We look forward to working with the strong teams in each of these markets to enhance their leading local positions even further," he added.

Jason Wolff, president of Yellowstone, said of selling, "This group of stations is distinguished by their demonstrated market success and commitment to their local communities. While selling the group was a difficult decision, Gray Television will provide these stations and their fine employees with tremendous opportunities to build upon their successes."

The deal, in which Gray bought a 99% non-voting stake in Yellowstone, is subject to regulatory approval but is expected go through in the fourth quarter of 2013 or the first quarter of 2014.