Gray Television announced that they are going to buy Schurz Communications TV and radio stations for approximately $442.5 million.

Gray also says they will sell KAKE in Wichita after the sale goes through. 

The purchase will give Gray a total of 49 television markets and 28 states.

"Today is a momentous day in Gray's 118-year history," said Gray CEO Hilton H. Howell in a prepared statement. "Through the Schurz transaction, we will significantly expand the quality of our portfolio of leading television stations. We welcome more dedicated reporters, account executives, and technologists to our growing family. Quite simply, Gray's existing stations will make the Schurz stations stronger, while the Schurz stations will make our existing stations better."

Gray already owns KAKE in Wichita, but with the new stations purchased from Schurz, Gray acquires KWCH.

KWCH is the highest rated and highest grossing station in the market. So Gray will dump KAKE and sell it off to a new owner. 

At least one former KAKE staffer thinks that KWCH is getting the raw end of the deal. 

H/T TVNewsCheck