Block Communications has entered into an agreement to sell its entire portfolio of television stations to Gray Media, the companies announced on Friday.
The deal is valued at $80 million, and includes local TV stations in four markets — Louisville, Kentucky; Lima, Ohio; Decatur, Illinois and Toledo, Ohio.
Gray Media said the transaction will require waivers from the Federal Communication Commission (FCC) with respect to the Louisville stations because it already owns an outlet there. Typically, broadcasters are not allowed to own two of the top-four performing stations in a market unless one or both stations are considered to be in financial distress…