Gray Television, Inc. and the University of Notre Dame today announced Gray has acquired all of the capital stock of Michiana Telecasting Corp., the University-owned company that operates WNDU-TV, for $85 million in cash.
Founded by Notre Dame in 1955, WNDU-TV (Channel 16) is the NBC affiliate serving the South Bend-Elkhart,Ind., television market, the nations 87 th largest Designated Market Area.
Notre Dame will use the $85 million for student and academic initiatives, with most of the money to be invested in the Universitys endowment, according to John Affleck-Graves, the Universitys executive vice president. Internships for Notre Dame students at WNDU-TV will continue, he said.
With the completion of the acquisition of WNDU-TV, Gray (NYSE:GTN and GTN.a) now owns 35 stations serving 30 television markets. The combined station group has 24 stations ranked No. 1 in local news audience, 24 stations ranked No. 1 in overall audience within their respective markets, and reaches approximately 6 percent of total U.S. TV households.