Gray Media and Scripps are swapping TV stations to create new duopolies in five markets.

Gray Media, Inc. and The E.W. Scripps Company have agreed to swap television stations in five mid-sized and small markets, creating new duopolies for each group. Gray will acquire Scripps’ WSYM in Lansing, Michigan, and KATC in Lafayette, Louisiana, while Scripps will acquire Gray’s stations in Colorado Springs, Grand Junction, and Twin Falls. These transactions will allow both companies to enhance their financial stability and expand local news and sports programming. The swap involves an even exchange of assets, with no cash consideration involved. The deal is expected to close in the fourth quarter of this year pending regulatory approvals.

Read more at GlobeNewswire: Gray Media and Scripps Agree to Swap Television Stations