• by Fern Siegel , November 4, 2013

Gray Television has expanded its TV ownership in five small markets for $23 million. Terms were not disclosed, but the deal gives Gray a 99% non-voting interest in Yellowstone.

The five markets include: KGNS in Laredo, Texas, KGWN in Cheyenne, Wyoming, which extends into Scottsbluff, Nebraska and Laramie, Wyoming. KCHY, the NBC affiliate for the Cheyenne-Scottsbluff market and KSWY in Casper, Wyoming.

Laredo is in the DMA 184 and Cheyenne DMA 196; both are the top-rated stations in their respective markets.

Kevin Latek, Gray's senior vice resident for business affairs, called the strategy consistent with the company’s desire to enhance “shareholder value through select acquisitions of market-leading stations that share the culture and values of our existing television stations."

The acquisition is expected to close in the fourth quarter of 2013 or the first quarter of 2014. 

Last week, Gray acquired KJCT in Grand Junction, Colo.

Atlanta-based Gray operates TV stations in 31 TV markets, broadcasting 46 channels affiliated with ABC, CBS, NBC and Fox, as well as 42 additional channels. Its combined station group reaches 6.2% of U.S. households.

"TV Tower" photo from Shutterstock.