 On June 25, 2018, Atlanta-based Gray Television announced it had reached an agreement with Raycom to merge their respective broadcasting assets (consisting of Raycom's 63 existing owned-and/or-operated television stations, and Gray's 93 television stations) under the former's corporate umbrella.As part of the cash-and-stock merger transaction valued at $3.6 billion – in which Gray shareholders would acquire preferred stock currently held by Raycom – Gray would acquire KYOU in Ottumwa, Iowa and WUPV in Richmond, Virginia outright.In advance of the merger, Raycom exercised its options to purchase both stations outright from American Spirit Media.