TWIN FALLS, Idaho (KLIX)- Gray Television, Inc. has announced it's plans to buy Neuhoff Corp.'s Idaho stations KMVT and KSVT for $17.5 million in cash. Gray made the announcement Thursday morning of the purchase of the CBS and Fox affiliates.

According to a news release KMVT-TV is the highest rated and highest grossing television station in the Twin Falls DMA according to Nielsen and BIA data. It is a CBS affiliate with a multicast channel affiliated with the CW Network. KSVT-TV is the market’s Fox affiliate. Despite the relatively small size of the local market, both television stations produce and broadcast local newscasts in high definition.

“A long list of awards and accolades recognize how KMVT and KSVT excel at serving Southern Idaho’s Magic Valley and Sun Valley,” said Hilton Howell, Gray’s President and CEO. “This success makes them a perfect fit for Gray Television. And with the resources of Gray behind them, the stations will enjoy even greater success in the future.”

Beth Neuhoff, President of Neuhoff Communications, said, “While it is difficult for us to part with KMVT/KSVT, we know that the stations require a larger company to move to the next level, and Gray is the only logical owner for such great properties. We are therefore excited for the stations, the employees, and the local communities that Gray will soon be the steward of our proud investment.”

Read full release here