The obtaining of stations claimed by Quincy Media Inc., parent organization of WGEM-TV/FM/AM, by Gray Television shut.
Atlanta-based Gray declared Monday that the $925 million securing was finished, just as the offer of 10 QMI stations in the seven Gray/QMI cross-over business sectors to Allen Media Group.
In February, QMI declared investor endorsement for the organization’s TV and radio properties.
Gray reported in April that it would sell previous QMI stations situated in Tucson, Ariz.; Madison Wis.; Carbondale, Ill., Waterloo, Iowa; LaCrosse, Wis., Wausau, Wis., and Rockford to Allen Media Group to work with administrative endorsement.
Last week, the U.S. Branch of Justice’s Antitrust Division reported it would require Gray and QMI to strip 10 stations in seven business sectors as a state of settling a test to Gray’s securing.
The division documented a common antitrust claim in U.S. Area Court to impede the proposed consolidation, and yet, it recorded a proposed settlement to determine the suit through the divestitures and related conditions.
“Without the required divestitures, Gray’s acquisition of Quincy threatens significant competitive harm to cable and satellite TV subscribers and small businesses that advertise on broadcast television,” said Acting Assistant Attorney General Richard A. Powers of the Antitrust Division. “I am pleased that we have been able to reach a complete resolution of the department’s concerns, thanks in part to the parties’ commitment to engage in good faith settlement talks from the outset of our investigation.”
Gray now claims TV stations serving 102 business sectors, coming to 25.4% of U.S. families.
QMI is the previous parent organization for The Herald-Whig and the Hannibal Courier-Post. Arkansas-based Phillips Media Group gained the papers in February, and finalized on the negotiation March 1.