Following approvals by the FCC and Justice Department last month, Gray Television closed Wednesday on its $3.6 billion purchase of Raycom Media, expanding its footprint to 91 markets and 24% of TV homes.
Collectively, the stations in those markets air almost 400 separate channels, including nearly 150 affiliated with the Big 4 networks.
In connection with the merger, Gray and Raycom also completed the divestitures of nine stations in overlap markets as they said they would in June when the deal was announced to comply with the FCC local ownership rules. Those stations went to Tegna, Scripps and Lockwood.
