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Gray Television paid SJL Holdings $128 million to acquire WJRT ABC 12 and WTVG, Toledo, Ohio's ABC affiliate. (Mlive File)

UPDATE: This story has been updated to include comments from Pete Veto, executive vice president and general manager of WJRT.

FLINT, MI — Another mid-Michigan television station is changing ownership.

Gray Television paid $128 million to acquire WJRT ABC 12 and WTVG, Toledo, Ohio's ABC affiliate, from SJL Holdings, the stations' parent company.

According to a press release from Gray, which owns several stations across the U.S., both stations lead their local markets in all-day ratings.

SJL Holidings also cashed in nicely on the deal. George Lilly, who owns SJL Holdings, purchased the stations from ABC in 2010 for $30 million after having sold them to ABC for $120 million in 1995, according to TVNewsCheck, a trade publication that covers the broadcasting industry.

Pete Veto, executive vice president and general manager at WJRT, said the acquisition was news to him and that it's still too early to know what kinds of changes will take place at the station.

"It's going to be a learning process as we unfold into the Gray family," Veto said.

"This is an exciting chapter for ABC 12 and will give the station and its employees a chance to have a much bigger digital footprint, regionally and nationally."

It's still unclear if the acquisition will impact employees at the station, Veto said.

"It's still premature to comment on that as we just don't know about Gray's infrastructure and how they do business," he said.

Gray executives hope the acquisition of WJRT, which is in the nation's 68th largest television market, covering Flint, Saginaw and Bay City, will enhance its leading local position even further.

"We are very excited to add two more outstanding, community-focused television stations and their growing, dynamic markets to the Gray portfolio," Gray CEO Hilton Howell said in a prepared statement.

While viewers won't notice any immediate changes following the acquisition, in the coming weeks, they will see a new weather technology system used on-air.

"The new model will allow to more accurately predict weather in specific pockets of our coverage area," Veto said. "We invested quite a bit into it and it's something that the market has not seen yet."

This is the second ownership change of a television stations in the market in the past 16 months. In March 2013, WEYI NBC 25 changed hands to Sinclair Broadcast Group when the television group purchased Barrington Broadcasting Group for $370 million.