“This was a difficult decision for our Board of Directors and shareholders,” said Ralph Oakley, President and CEO of QMI in a news release.

“We have always put community service first and have served our viewers, listeners, and readers with the best in news and public service. We have taken a leadership role in trying to improve the economic development and quality of life in the places where we operate and, particularly, here in our hometown of Quincy.”

The sale of stock of the company for $925 million in cash is expected to close in the 2nd or 3rd quarter of this year, pending federal regulatory approvals.

QMI said the sale includes all of the company’s TV And radio properties which serve 16 markets. It does not include its two newspapers: the Quincy Herald-Whig and Hannibal Courier Post. They will be sold separately.

By the end of the sale, Gray TV, based in Atlanta, GA., will own TV stations serving 102 markets collectively reaching 25.4% of U.S. TV households.

A news release from QMI points out that Gray owns full power TV stations in some of Quincy’s markets. Gray will divest QMI stations in those markets to facilitate prompt regulatory approval. Those markets include:

1. Tucson, Arizona (DMA 75)
2. Madison, Wisconsin (DMA 80)
3. Harrisburg, IL/Paducah, Kentucky/Cape Girardeau, Missouri (DMA 91)
4. Cedar Rapids, Iowa (DMA 92)
5. La Crosse-Eau Claire, Wisconsin (DMA 123)
6. Wausau-Stevens Point, Wisconsin (DMA 134)

Here are the stations Gray will acquire from Quincy:

1. WPTA (ABC/NBC) and WISE (CW) in Fort Wayne, Indiana (DMA 104)
2. WEEK (NBC/ABC/CW) in Peoria, Illinois (DMA 118)
3. WREX (NBC/CW) in Rockford, Illinois (DMA 132)
4. KBJR (NBC/CBS) and KDLH (CW) in Duluth, Minnesota (DMA 136)
5. KTIV (NBC/CW) in Sioux City, Iowa (DMA 147)
6. KTTC (NBC/CW) in Rochester-Mason City, Minnesota-Iowa (DMA 156)
7. WBNG (CBS/CW) in Binghamton, New York (DMA 158) 
8. WVVA (NBC/CW) in Bluefield-Beckley, West Virginia (DMA 162)
9. WGEM (NBC/FOX/CW) in Quincy, Illinois (DMA 172)
10. WGEM AM/FM in Quincy, Illinois

“Quincy’s market leading television stations will become part of a similarly operated company with number-one television stations in 70 of its 102 markets. While the sale of QMI closes a chapter, it opens up a wonderful new one. Gray is a great company and has the same philosophy on serving the communities that we have had,” said Oakley.

According to QMI, the company’s roots date back to 1835. At the time, the Bounty Land Register was one of four newspapers in Illinois.

QMI’s website reads, “Over the next century, a number of mergers followed. The company moved into radio in 1947 and began television broadcasts in 1953. The company changed its name in recognition of the evolution beyond print and into radio, television and online digital services.”

Gray Television has not posted a public news release or statement about the purchase of Quincy Media at this time.