ATLANTA — Gray Television Inc., which owns KOLN/KGIN in Lincoln, said Monday it reached a deal to buy Yellowstone Television LLC, which owns several TV stations that operate in Texas, Wyoming and Nebraska.
Under the agreement, Gray bought a 99 percent nonvoting interest in Yellowstone for $23 million in cash and started operating the Yellowstone stations under a local marketing agreement.
The stations are KGNS-TV in the Laredo, Texas, market and KGWN-TV in the Cheyenne, Wyo.-Scottsbluff market. KGWN-TV extends throughout the market via KSTF(TV) in Scottsbluff, and K19FX in Laramie, Wyo. In addition, KCHY-LP, which is the NBC affiliate for the Cheyenne-Scottsbluff market, will integrate its operations with KGWN-TV. Also being acquired is KCWY-TV in the Casper, Wyo., market
If it receives regulatory and other approvals, Gray will acquire voting control of Yellowstone in a follow-up deal. Additional financial terms were not disclosed.
Atlanta-based Gray owns and operates TV stations in 31 markets, including several others in Nebraska.