Gray Television finalizes Raycom acquisition

Gray Television Inc. has completed its acquisition of Raycom Media.

According to Comscore data, Atlanta-based Gray will now own one of the two highest-rated television stations in 85 markets. Gray now has television stations and digital properties in 91 U.S. television markets, including nearly 150 affiliates of CBS, NBC, ABC and Fox.

As part of the deal, the combined company completed the divesture of nine television stations in overlapping markets. Raycom also completed the spinoffs of two subsidiaries to its shareholders.

Upon closing, Hilton Howell became Gray's executive chairman and chief executive officer and Pat LaPlatney, formerly Raycom's president and CEO, became Gray's president and co-CEO.