A station that is presently operated by Gray Media via a shared services agreement with its owner has submitted paperwork with the FCC seeking its approval to purchase the station, which serves Rochester, Minn., outright.
It is a property Gray gained control of following its acquisition of Quincy Media, Inc.
FOX affiliate KXLT-TV in Rochester, Minn., with a PSIP of Channel 47, is poised to become a Gray O&O.
It would end nearly 24 years of shared services agreements, which began in 2001 with the sale of Shockley Communications to QMI. Owning KXLT would have placed the company led by Ralph Oakley over the FCC’s local ownership limits. As such, Shockley retained ownership until selling it to Louis Wall-led SagamoreHill Broadcasting in 2005.
That long-term service agreements ended up in Gray’s hands with the QMI deal. And, it believes it now has the ability to bring it in to its stable of stations officially.
In fact, Gray gained QMI’s option to purchase KXLT with its merger; KXLT was always available for sale, so long as FCC regulatory policy was not violated by its owner.
The exercise notice was delivered to SagamoreHill by Gray on December 6, 2024.
A purchase price of $490,500 has been agreed to by the parties.
There is no broker associated with this exercise option.
