ATLANTA—Gray Television is extending its reach, announcing that it has come to terms with Withers Broadcasting Company to acquire WDTV (CBS) and WVFX (Fox/CW) in Clarksburg, W.VA. The proposed deal is said to be for $26.5 million in cash.
Over the last several years, Withers has operated WDT V and WVFX as a legal duopoly under an FCC Failing Station Waiver. Gray is expected to continue that arrangement. The Clarksburg-Weston market that WDTV and WVFX cover is the 169th largest DMA.
Gray Television currently holds a number of television stations in Virginia, West Virginia, Kentucky and Tennessee.
The transaction is subject to receipt of regulatory and other approvals. Gray expects to finalized the acquisition between June and a time after the conclusion of the FCC spectrum auction, subject to contingencies and possible price adjustments, according to the press release.
