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Updated at 10:19 p.m.

After starting WCAV, commonly known as CBS19, 15 years ago, Gray Television is selling the local station and buying its competitor.

Atlanta-based Gray announced Monday that it is buying WVIR-TV, commonly known as NBC29, from Waterman Broadcasting and selling WCAV, which is the local CBS and FOX affiliate, along with its sister station WVAW, the local ABC affiliate, to Virginia-based Lockwood Broadcasting Group. If the sale receives approval from the Federal Communications Commission, it could be finalized as soon as June 1.

The Gray stations share a studio and were formally known as the Newsplex.

Federal regulations prevent companies from owning more than one full-powered TV stations in the same market. Of Gray’s properties, WCAV is the only full-powered station. Gray and Lockwood said they want to build on the past success of the stations and that viewers shouldn’t notice a change.

CBS19’s news director, Val Thompson, said Monday’s announcement was a surprise but exciting.

“We have never existed without being owned by Gray Television,” he said.