- Associated Press - Tuesday, September 1, 2015

CEDAR RAPIDS, Iowa (AP) - Officials of the Gazette Company in Cedar Rapids say they have agreed to sell television station KCRG to an Atlanta, Georgia company for $100 million.

KCRG-TV9, an ABC affiliate, serves Cedar Rapids, Iowa City, Waterloo and Dubuque.

The sale to Gray Television is effective Oct. 1. The station announced the sale Tuesday (https://bit.ly/1Q74oWO ).

Gray Senior Vice President Bob Smith says the company pursued KCRG because the station fits the corporate strategy of owning community focused market-leading stations.

Smith says more stations give the company increased power in negotiating agreements with cable companies and networks.

Gray owns stations in 45 television markets.

Gazette Company CEO Chuck Peters says money from the sale will help the company solidify its finances.

He says there are no plans to sell The Gazette newspaper.


Information from: KCRG-TV, https://www.kcrg.com

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