Gray Television, which owns WITN-TV, is buying Raycom Media for $3.6 billion.

The deal will make Gray the third largest television group in the country with 142 stations in 92 cities. It will create the single largest owner of top-rated local television stations and digital assets in the country, according to a news release.

WITN is the only Gray-owned station in North Carolina, being acquired by the company in 1997. Raycom currently owns WECT in Wilmington and WBTV in Charlotte, along with 63 other stations.

The purchase will necessitate the spin-off of television stations in nine markets where the two companies both own broadcast facilities.

Gray will also acquire Raycom Sports, which owns the ACC Network, along with several production companies.

Hilton Howell, Gray’s current president and CEO, will become executive chairman and co-chief executive officer. Current Raycom Media president and CEO, Pat LaPlatney, will become Gray’s president and co-chief executive officer and will join Gray’s board of directors.

The deal is expected to be completed in the fourth quarter of this year.

Gray is headquartered in Atlanta, while Raycom is based in Montgomery, Alabama.