Gray Buying WCAX for $29 Million
Gray Television will buy CBS affiliate WCAX-TV Burlington, Vermont, from Mt. Mansfield Television for $29 million, the buyer said in a news release Thursday. It's part of Gray’s strategy of “select acquisitions of market-leading stations,” said the broadcaster, what Wells…
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Fargo analyst Marci Ryvicker called a “tuck-in acquisition strategy” in an email to investors. It "will expand the co.'s presence in another state capital and college market,” Ryvicker said. The deal is expected to close in Q3, Gray said.