ATLANTA, GA (KSFY) – Gray Television announced Tuesday that it has reached an agreement with Red River Broadcasting Company to acquire KDLT-TV, the NBC affiliate in Sioux Falls, South Dakota for $32.5 million in cash.
The purchase of KDLT-TV will unite the station’s staff with Gray’s KSFY-TV.
Gray says the transaction continues the company’s investment in South Dakota.
In the fall of 2016, KSFY-TV moved into a new, technologically advanced facility in downtown Sioux Falls. That building includes additional space for news and sales operations of a second television station.
In addition, Gray recently completed an expansion of its operations in Rapid City to bring new state of the art technology to its ABC and Fox affiliates, KOTA-TV and KEVN-LP.
The acquisition of KDLT-TV is subject to receipt of regulatory and other approvals.
Gray anticipates that the acquisition will be immediately free cash flow accretive and will close in the second or third quarter of 2018. Gray plans to finance the transaction with cash on hand.
Kalil & Company represented the seller in this transaction.