from northpine
Iowa's last locally-owned commercial TV station is getting out-of-state owners as Gray TV buys KCRG-TV/9 (Cedar Rapids) for $100 million. The sellers retain The Gazette newspaper, which will continue a news partnership with KCRG.
Gray has already closed on its purchase of most of KCRG's non-license assets and is operating the station while it awaits FCC approval of the license transfer. KCRG is Gray's first station in Iowa; the company has been on a buying spree in recent years and now owns stations in all of the markets in Nebraska, South Dakota, and North Dakota, as well as stations in three of Wisconsin's five markets.
KCRG had been locally-owned since it signed on in 1953, but it's become increasingly difficult for standalone TV stations to operate in an industry where group ownership has become the standard. In a press release, Gazette President and CEO Chuck Peters said, "We realized that we have done all we can do as a single television station with the business and for the people of KCRG TV9."
KCRG is a primary ABC affiliate and also carries syndicated programming and AntennaTV on its subchannels.
Iowa's last locally-owned commercial TV station is getting out-of-state owners as Gray TV buys KCRG-TV/9 (Cedar Rapids) for $100 million. The sellers retain The Gazette newspaper, which will continue a news partnership with KCRG.
Gray has already closed on its purchase of most of KCRG's non-license assets and is operating the station while it awaits FCC approval of the license transfer. KCRG is Gray's first station in Iowa; the company has been on a buying spree in recent years and now owns stations in all of the markets in Nebraska, South Dakota, and North Dakota, as well as stations in three of Wisconsin's five markets.
KCRG had been locally-owned since it signed on in 1953, but it's become increasingly difficult for standalone TV stations to operate in an industry where group ownership has become the standard. In a press release, Gazette President and CEO Chuck Peters said, "We realized that we have done all we can do as a single television station with the business and for the people of KCRG TV9."
KCRG is a primary ABC affiliate and also carries syndicated programming and AntennaTV on its subchannels.
