Mega Merger Impacts Area Media
Tuesday Jun 26, 2018 2:59am
By: Tim Murray
Another mega media merger could impact our area.
Gray Television and Raycom Media announced a $3.6 billion dollar merger that will form the nation’s third largest television broadcast group.
Gray is publicly traded on the New York Stock Exchange while Raycom is employee-owned.
Gray owns WNDU Channel 16 in South Bend.
In some markets – like Toledo – where Gray and Raycom both own stations, the new combined company with sell some stations. It plans to retain WTVG the Toledo ABC affiliate, and spin off WTOL, the CBS affiliate.
The merger also effects the newspaper business. Raycom will sell or spin off Community Newspaper Holdings, Inc. which owns and operates nine Indiana newspapers – including the Goshen News and the Kokomo Tribune.
The deal requires regulatory approval and is expected to close by the end of the year.