Gray Media and the E.W. Scripps Co., two of the largest U.S. owners of local TV stations, have engineered a swap of stations in five small and mid-sized markets. The move will create new duopolies, coveted sources of extra revenue within a single market allowed under federal broadcast ownership rules,

They'll swap stations across five mid-sized and small markets, resulting in the creation of new duopolies for each group.

Gray Media ( NYSE: GTN) and The E.W. Scripps Company ( NASDAQ: SSP) will swap certain television stations across five mid-sized and small markets, which is expected to create new duopolies for them in certain U.S. regions, according to a joint statement from the companies on Monday.