The purchase price breaks down into an initial $40 million payment already fulfilled by Gray. The remaining balance for the deal, which spans stations in Ohio, Mississippi, North Carolina, Georgia, Texas, and Louisiana, is scheduled to close in the fourth quarter of this year.

This acquisition deepens existing ties between the two companies. Gray has provided back-office infrastructure to five of the stations for over a decade, while also producing local news content for four of them. Leadership at Gray indicated the move is designed to scale their operations within these specific regional markets.