QUINCY — The acquisition of stations owned by Quincy Media Inc., parent company of WGEM-TV/FM/AM, by Gray Television closed.

Atlanta-based Gray announced Monday that the $925 million acquisition was completed, as well as the sale of 10 QMI stations in the seven Gray/QMI overlap markets to Allen Media Group.

In February, QMI announced shareholder approval for the company’s television and radio properties.

Gray announced in April that it would sell former QMI stations based in Tucson, Ariz.; Madison Wis.; Carbondale, Ill., Waterloo, Iowa; LaCrosse, Wis., Wausau, Wis., and Rockford to Allen Media Group to facilitate regulatory approval.

Last week, the U.S. Department of Justice’s Antitrust Division announced it would require Gray and QMI to divest 10 stations in seven markets as a condition of resolving a challenge to Gray’s acquisition.

The division filed a civil antitrust lawsuit in U.S. District Court to block the proposed merger, but at the same time, it filed a proposed settlement to resolve the suit through the divestitures and related conditions.

“Without the required divestitures, Gray’s acquisition of Quincy threatens significant competitive harm to cable and satellite TV subscribers and small businesses that advertise on broadcast television,” said Acting Assistant Attorney General Richard A. Powers of the Antitrust Division. “I am pleased that we have been able to reach a complete resolution of the department’s concerns, thanks in part to the parties’ commitment to engage in good faith settlement talks from the outset of our investigation.”

Gray now owns TV stations serving 102 markets, reaching 25.4% of U.S. households.

QMI is the former parent company for The Herald-Whig and the Hannibal Courier-Post. Arkansas-based Phillips Media Group acquired the newspapers in February, and closed on the deal March 1.

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