Gray Television Acquires WNDU-TV From Notre Dame
March 06 2006 - 10:26AM
PR Newswire (US)
ATLANTA, March 6 /PRNewswire-FirstCall/ -- Gray Television, Inc.
and the University of Notre Dame today announced Gray has acquired
all of the capital stock of Michiana Telecasting Corp., the
University-owned company that operates WNDU-TV, for $85 million in
cash. Founded by Notre Dame in 1955, WNDU-TV (Channel 16) is the
NBC affiliate serving the South Bend-Elkhart, Ind., television
market, the nation's 87th largest Designated Market Area. Notre
Dame will use the $85 million for student and academic initiatives,
with most of the money to be invested in the University's
endowment, according to John Affleck-Graves, the University's
executive vice president. Internships for Notre Dame students at
WNDU-TV will continue, he said. With the completion of the
acquisition of WNDU-TV, Gray (NYSE: GTN; GTN.a) now owns 36
stations serving 30 television markets. The combined station group
has 24 stations ranked No. 1 in local news audience, 24 stations
ranked No. 1 in overall audience within their respective markets,
and reaches approximately 6.5 percent of total U.S. TV households.
DATASOURCE: Gray Television, Inc. CONTACT: Bob Prather, President,
+1-404-266-8333, or Jim Ryan, Chief Financial Officer,
+1-404-504-9828, both of Gray Television, Inc. Web site:
http://www.gray.tv/
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