Gray Television To Sell Two Hoak Television Stations To Nexstar Broadcasting

(RTTNews) - Gray Television, Inc. (GTN-A, GTN) announced an agreement to sell to Nexstar Broadcasting, Inc. (NXST) television stations in two markets that are included in Gray's proposed acquisition of Hoak Media, LLC.

On November 20, Gray announced an agreement to acquire television stations in eight markets from Hoak. Gray also announced that it would identify one or more third parties to acquire the Hoak television stations in Panama City, Florida and Grand Junction, Colorado to satisfy regulatory requirements. Nexstar will acquire these Hoak television stations for $33.5 million simultaneously with Gray's consummation of its transaction with Hoak.

Separately, Excalibur Broadcasting, LLC reached an agreement with Mission Broadcasting, Inc. whereby Mission will acquire KFQX from Parker Broadcasting, Inc. for $4 million simultaneously with Excalibur's acquisition of other television stations from Hoak and Parker.