Gray Media (GTN) said Wednesday it has signed an agreement to acquire six television stations from American Spirit Media for $50 million.

The parties have completed the first portion of the transaction, which was funded from the company's private placement of 7.250% Senior Secured First Lien Notes due 2033, the company said.

Gray Media said it expects to use cash on hand to complete the second portion of the deal in Q4, following receipt of regulatory approvals and other customary closing conditions.

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