Gray Media, Inc. (NYSE: GTN) and The E.W. Scripps Company (NASDAQ: SSP) have entered into agreements to swap television stations across five mid-sized and small markets, resulting in the creation of new duopolies for each group.

Gray Media and the E.W. Scripps Co., two large owners of local TV stations, have engineered a swap of stations in five small and mid-sized markets.

Local TV news stations to merge as E.W. Scripps acquires KKTV from Gray Media, potentially leading to layoffs and increased investment in local journalism.