Gray Media has entered into an agreement to purchase six television stations from Charlotte-based American Spirit Media LLC for $50 million, including Wilmington station WSFX-TV. 

According to a press release, Atlanta-headquartered Gray Media previously provided back-office services to most of the stations and local news to four of them. Gray Media, which already owns NBC affiliate WECT in Wilmington, has long produced local news for FOX affiliate WSFX under a shared services arrangement.

Because Gray Media already provides news and operational support to WSFX, viewers may not notice immediate changes. According to a release, Gray Media expects to leverage news, sales and sports strategies in each of the markets, “for the benefit of the local communities and the public interest.”

Other stations included in the agreement are WUPW, a FOX affiliate in Toledo, Ohio; WDBD, a FOX affiliate in Jackson, Mississippi; WXTX, a FOX affiliate in Columbus, Georgia; KAUZ-TV, a CBS affiliate in Wichita Falls, Texas; and KVHP, a FOX affiliate in Lake Charles, Louisiana.

Gray Media is completing the acquisition in two closings, the first of which was completed on June 30, using proceeds from a private placement of $70 million in aggregate principal amount of 7.25%, according to SEC filings. In the first closing, Gray Media paid American Spirit Media $40 million and assumed a limited local management agreement for the stations. 

The second and final $10 million closing is anticipated in the fourth quarter of this year, which Gray Media expects to pay in cash. Following the final closing, Gray Media will assume full ownership of the stations. 

According to the press release, Gray Media anticipates that the acquisition will be cash flow accretive and said the acquisition is expected to strengthen its balance sheet.

Gray Media serves 117 full-power television markets, reaching approximately 37% of television households, according to its website. Its additional media properties include Raycom Sports, Tupelo Media Group and PowerNation Studios.