Gray Television is acquiring all the television and radio stations of Schurz Communications for $442.5 million. The buyout came amid Schurz's turbulent broadcasting business.

Schurz Communications started its broadcasting business in 1922 after launching WGAZ radio (WSBT) in South Bend while its first TV station, WSBT, began its operation in 1952. But in the last few weeks, the company faced a very tough time dealing with the death of two journalist employees. According to USA Today, Schurz-owned WDBJ7 reporter Alison Parker and cameraman Adam Ward were shot and killed on live TV on Aug. 26 by a former colleague identified as Vester Flanagan, who later sot himself and died.

Meanwhile, Gray Television Inc.'s acquisition of Schurz's TV and radio station will further boost the company's portfolio. On Monday afternoon, the company announced that an agreement was finally reached for the buyout deal. As said by Gray Television Inc. President and CEO Hilton H. Howell Jr., the Schurz announcement was "a momentous day" in the company's 118-year history.

"Today is a momentous day in Gray's 118-year history," Howell Jr. said. "Through the Schurz transaction, we will significantly expand the quality of our portfolio of leading television stations."

While Schurz President and CEO Todd Schurz explained the deal with Gray Television Inc. will be the best way to ensure both broadcasting businesses will maintain its long-term success.

"We have come to the realization that Gray Television would be the best steward to ensure our stations succeed over the long-term," Schurz explained. "Gray knows how to operate top stations in small and medium-sized markets, and they have an entrepreneurial and decentralized culture."

Mishawaka, Indiana-based Schurz Communications will hold on to its non-broadcast assets including newspapers and telephone directories. And the sale to Gray Television does not address the future of the building or Schurz corporate headquarters. However, the deal means that in South Bend, Gray would own both the local CBS and NBC stations having purchased WNDU in 2006, Rapid News Network noted.

The Gray Television-Schurz Communications $442.5 million deal, which includes working capital at closing, aims to expand Gray's operations to a total of 49 television markets and 28 states. It will also provide top-rated and highest grossing television stations in five additional markets. Lastly, it will increase the overall quality of Gray's portfolio of stations through continued divergence and by accumulating several top ranked television stations, Market Watch reported.