News-Press & Gazette Gets $12M For KJCT
News-Press & Gazette Co. (NPGCo) today announced the sale of its ABC affiliate KJCT Grand Junction, Colo. (DMA 185), and associated low-power television stations broadcasting ABC, CW and Telemundo to Excalibur Broadcasting LLC for $3 million.
After the sale is complete, Gray Television will provide back-office, engineering and sales support services to Excalibur. Excalibur is a newly formed company and this will be its first television station. Excalibur is owned and operated by Don Ray, who recently retired as Regional VP of Gray and GM of WSAZ Charleston-Huntington, W.Va. WSAZ-TV is owned and operated by Gray.
In a separate transaction that is also subject to the sale of the licensed assets of the station to Excalibur, NPGCo will sell certain other assets of these television stations to Gray for $9 million.
NPGCo said the transactions are expected to close in the fourth quarter of 2013.