Gray Television, parent company of KTUU-TV, announced Tuesday plans to buy three television stations in Fairbanks.

The stations being acquired are the NBC affiliate, KTVF-TV, the CBS affiliate, KXD-TV, and the Fox affiliate, KFXF-TV, according to a press release.

Kevin Latek, Gray EVP/Chief Legal and Development Officer, said the planned purchase will cost $8 million. The long term use of the money is to help KTUU-TV improve its standing in Alaska, he said.

"Our stations are a natural fit," said Bill St. Pierre, of Tanana Television and Chena Broadcasting. "We both share the vision of community service and commitment to being a trusted and independent news source."

KTUU-TV General Manager, Andy MacLeod said "This deal makes sense on a number of levels."

MacLeod said the Fairbanks stations have strong local brands and are news leaders like KTUU-TV.

The station group purchase needs to be approved by federal regulators. The company said it expects it to happen in the coming months.