KCRG sold to Gray Television, leaves Gazette Company - KWWL - Eastern Iowa Breaking News, Weather, Closings

KCRG sold to Gray Television, leaves Gazette Company

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CEDAR RAPIDS (KWWL) -

A local television station previously owned by a Cedar Rapids newspaper company was sold for $100 million to a Georgia television company.

KCRG-TV, which operates as the ABC affiliate in eastern Iowa, was sold by The Gazette Company to Gray Television Inc., Gray Television said in a statement Tuesday.

Gray reported the deal would be done by the end of the year, but KCRG reported it would be done by Oct. 1.

The move means that KCRG and the Cedar Rapids Gazette will no longer be owned by the same company. It was unclear if the two entities would continue to share resources or a building.

"With this very strong foundation and a great staff, we are confident that Gray's backing will propel KCRG-TV to even greater success in the future," said Gray CEO Hilton Howell Jr. in a written release.

Gray's acquisition of KCRG is the first purchase of an Iowa television station for the Georgia-based company. It owns dozens of stations in 46 television markets across the country.

The Gazette Company owned KCRG since its founding in 1953.

"We realized that we have done all we can do as a single television station with the business and for the people of KCRG-TV," said Gazette CEO Chuck Peters in a written release. "We look forward to seeing what the very talented KCRG-TV9 team can do with the scale and connections of Gray Television."

KCRG is in the same broadcast market as KWWL.

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