Cooley is advising Gray Television on its acquisition of Schurz Communications' TV and radio stations for approximately $442.5 million. The transaction is expected to close following receipt of regulatory and other approvals by the first quarter of 2016.
The acquisition increases Gray's television markets to 49 within 28 states and provides Gray with the top-rated and highest grossing television stations in five additional markets.
Gray Television is a television broadcast company headquartered in Atlanta, Georgia, that owns and operates television stations and leading digital assets in markets throughout the United States. Schurz Communications is a Mishawaka, Indiana-based news and information company.
"Acquiring these stations is a transformative moment in Gray's history," said Kevin Latek, senior vice president of business development at Gray. "Having the team from Cooley with such a deep knowledge of the media industry by our side led to a favorable outcome for both parties, a result we are truly grateful for."
