Group 1: Transaction Overview - Gray Media, Inc. and The E.W. Scripps Company have entered into agreements to swap television stations across five mid-sized and small markets, creating new duopolies for each group [1][2] - Gray will acquire Scripps' WSYM (Fox) in Lansing, Michigan, and KATC (ABC) in Lafayette, Louisiana, enhancing its presence in these markets [3][4] - Scripps will acquire Gray's KKTV (CBS) in Colorado Springs, KKCO (NBC) in Grand Junction, and KMVT (CBS) in Twin Falls, strengthening its regional presence in the West [4] Group 2: Strategic Intent and Benefits - The transactions are expected to provide market scale and depth, enhancing financial durability and allowing for improved public service through local news and sports programming [2] - Both companies anticipate expanding news staff and live local newscasts following the acquisitions, indicating a commitment to increased local coverage [4] - The swap involves an even exchange of comparable assets, with no cash consideration between the companies [5] Group 3: Regulatory and Operational Considerations - The closing of the transactions is anticipated in the fourth quarter of the year, pending regulatory approvals and waivers of outdated local ownership restrictions [6] - Both companies plan to work closely with regulators and stakeholders to ensure smooth transitions of the stations to new ownership [6] Group 4: Company Profiles - The E.W. Scripps Company operates over 60 stations in 40+ markets, focusing on quality local journalism and holding the largest broadcast spectrum in the nation [8] - Gray Media, Inc. is the largest owner of top-rated local television stations, reaching approximately 37% of US television households, and operates in 113 television markets [9]