MUMBAI: Atlanta based Gray Television, Inc has reached an agreement to acquire all of the television and radio stations of Schurz Communications, Inc for approximately $442.5 million including working capital at closing.

The deal demonstrates Gray's commitment to acquire high-quality stations in attractive markets and will increase Gray's scale, the quality of its portfolio, and its exposure to politically competitive markets.

The addition of the Schurz stations will expand Gray's operations to a total of 49 television markets and 28 states.

"Today is a momentous day in Gray's 118-year history. Through the Schurz transaction, we will significantly expand the quality of our portfolio of leading television stations. We welcome more dedicated reporters, account executives, and technologists to our growing family. Quite simply, Gray's existing stations will make the Schurz stations stronger, while the Schurz stations will make our existing stations better," said Gray president and CEO Hilton H. Howell, Jr.

"In a rapidly consolidating industry where size and scale matter more than ever before, we have come to the realization that Gray Television would be the best steward to ensure our stations succeed over the long-term. Gray knows how to operate top stations in small and medium-sized markets, and they have an entrepreneurial and decentralized culture. Moreover, Gray shares our commitment to local communities, staffs, journalistic ideals, and the broadcasting industry.  Being part of a larger company with these important credentials will create more opportunities for employees and the communities that we all love," added Schurz president and CEO Todd Schurz.