Gray To Sell Schurz Radio Stations
Gray Television will sell all radio stations included in its proposed buy of Schurz Communications' broadcast properties, Gray said in a news release Monday. At the closing of Gray/Schurz, Schurz will transfer its radio stations in South Bend, Indiana, to…
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Mid-West Family Broadcast Group, its stations in Lafayette, Indiana, to Neuhoff Communications, and a radio station in Rapid City, South Dakota, to The HomeSlice Group, the release said. The stations will be sold for a total of $16 million, and “such proceeds will reduce the total consideration payable by Gray to Schurz for the television station assets,” it said. "We originally intended to acquire and operate the Schurz radio stations for the long-term," said Gray Senior Vice President-Business Affairs Kevin Latek. "In recent weeks, it became clear that experienced radio broadcasters could better lead these successful radio stations into the future than we could hope to accomplish." The radio station deals will close simultaneously with Gray/Schurz, which is expected to close in Q4 2015 or the Q1 2016, Gray said.