Gray Media, Inc. acquires WDRB, Block Communications broadcast division for $80 million

LOUISVILLE, Ky. (WDRB) -- Block Communications reached an agreement with Gray Media, Inc. for Gray to purchase BCI's television broadcast division for $80 million, which includes WDRB.

A statement from BCI on Friday said "This decision comes after much deliberation and consideration regarding the future strategy of BCI and its operating companies in a fast-paced, competitive and changing media industry. The Block family is proud of the work all of you have done to build some of the best local broadcast stations in the country."

In addition to WDRB, the Block broadcast division also includes WBKI in Louisville, WAND in Decatur, Illinois and WLIO in Lima, Ohio.

Atlanta-based Gray Media, which also owns WAVE in Louisville, is the nation's largest owner of top local television stations and digital assets serving 113 television markets that collectively reach approximately 37% of US television households. It also owns the largest Telemundo Affiliate group with 44 markets.

A news release from Gray said "We expect the transaction to strengthen our presence in the Midwest by creating a new Big Four duopoly in one market and by adding top-ranked local news stations in two more midwestern markets that can support and benefit from our strong local stations in adjacent markets."

Gray said it anticipates closing the transactions in the fourth quarter of this year following receipt of regulatory approval, including certain waivers of the FCC's current ownership rules.

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