Gray Television, Inc. announced that it has closed its acquisition of television stations from Schurz Communications, Inc. and related station acquisitions and divestitures with other counter-parties.  

Gray Television President and CEO Hilton Howell said, "Over the past 27 months, Gray has expanded its portfolio of leading local television stations from 36 to 50 markets through prudent, strategic transactions.  Just as importantly, we have added hundreds of dedicated professionals to our ranks.  Today, we are thrilled to welcome the many talented individuals from the Schurz stations and WLUC to the Gray corporate family."

The acquisition cost, net of proceeds received from dispositions and excluding transaction costs, for the Schurz acquisition and related transactions was approximately $415.3 million.  We funded the acquisitions through a term loan under our senior credit agreement in the amount of $425.0 million.