Owners of KKCO to buy KJCT Channel 8
News-Press & Gazette Company, Gray Television Inc. (NYSE: GTN and GTN.A), and Excalibur Broadcasting LLC today jointly announced the sale of KJCT-TV Channel 8 and associated low power television stations broadcasting ABC, CW, Telemundo, and local programming.
Subject to the consent of the Federal Communications Commission and other closing conditions, NPGCo will sell the licensed assets of the station to a subsidiary of Excalibur for $3 million. Subject to completing the sale of these licensed assets to Excalibur, Gray will provide back office, engineering, and sales support services to Excalibur.
In a separate transaction that is also subject to the sale of the licensed assets of the station to Excalibur, NPGCo will sell certain other assets of these television stations to Gray for $9 million.
These transactions are expected to close in the fourth quarter of 2013.