Gray Television reached an agreement to acquire all of the television and radio stations of Schurz Communications for $442.5 million including working capital at closing.

Gray said that Wells Fargo Securities served as financial advisor and Cooley served as primary legal counsel for Gray. RBC Capital Markets served as financial advisor to Schurz. Barnes & Thornburg and the Law Offices of Jack N. Goodman served as legal counsel for Schurz

Gray noted that it expects the Schurz transaction will be immediately accretive to Gray’s free cash flow. Including expected synergies, the transaction purchase price represents a multiple of approximately 7.1 times a blended average of the stations’ 2015-2016 pro forma broadcast cash flow. Gray expects to close these transactions following receipt of regulatory and other approvals in the fourth quarter of 2015 or the first quarter of 2016.