An Atlanta-based broadcast company says it’s reached a deal to buy Schurz Commmunications’ TV and radio stations, including KTUU TV in Anchorage.
The $443 million deal was announced Monday afternoon.
For Schurz Communications, a privately owned media company based in Indiana, the deal marks an exit from broadcast all together.
For Gray Television, acquiring KTUU is the publicly traded company’s first foray into Alaska’s broadcast market.
KTUU general manager Andrew MacLeod told employees it was an opportunity for the station to be a part of a bigger media company at a time when scale is a critical path to the future, according to an announcement on KTUU’s website.
News of the deal drove Gray TV’s stock price up just over five percent by the close of trading on Monday.
The deal is subject to approval by the Federal Communications Commission.