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Wednesday, November 20, 2013

Gray Television, Excalibur to purchase stations in central U.S., (NYSE: GTN)

Broadcaster Gray Television Inc and Excalibur Broadcasting LLC said they would purchase 20 stations from Hoak Media LLC and Parker Broadcasting Inc for $335 million in cash, sending Gray's shares up as much as 19 percent.Gray, which has been expanding across the United States this year, said the deal would add to its portfolio of stations in the central United States.Gray will acquire 16 ABC, CBS, NBC and Fox affiliates and satellite stations in South Dakota, North Dakota, Colorado, Nebraska, Louisiana and Florida.Excalibur, owned by Gray's former regional vice-president, Don Ray, will buy four stations in Nebraska, North Dakota, Louisiana and Colorado.

Gray Television, Inc. (Gray), is a television broadcast company. Shares of GTN traded higher by 14.88% or $1.4/share to $10.81. In the past year, the shares have traded as low as $1.99 and as high as $10.68. On average, 728320 shares of GTN exchange hands on a given day and today's volume is recorded at 1389729.