CEDAR RAPIDS, Iowa (KCRG-TV9) - Gray Television, Inc., the parent company of KCRG-TV9, has acquired two TV stations including one in the Quad Cities market.
Gray announced Friday it reached an agreement with Nexstar Broadcasting to buy WBAY, the ABC affiliate in Green Bay, and KWQC, the NBC affiliate in Davenport, for $270 million. Both stations are owned by Media General but had to be sold as part of its merger with Nexstar. The sale will close in the fourth quarter of 2016.
According to Nielsen ratings data, WBAY and KWQC are the most-watched station in their respective markets. KWQC has been the number one station in the Quad Cities for 35 years and will join KCRG-TV9 and WOWT in Omaha as Gray stations covering Iowa, allowing KCRG-TV9 to tap into more regional resources in covering Iowa news.
"The potential regional synergies between these two legacy institutions and our existing stations in Wisconsin and Illinois appear to be even more promising now that we have recently acquired the dominant television stations in the adjacent television markets of Cedar Rapids and Marquette," said Gray CEO Hilton Howell.
Gray TV bought KCRG-TV9 from The Gazette Company last October. The additional purchases put Gray in 53 TV markets nationwide.