On June 25, 2018, Atlanta-based Gray Television announced it had reached an agreement with Raycom to merge their respective broadcasting assets (consisting of Raycom's 63 existing owned-and/or-operated television stations, including KHNL and KGMB, and Gray's 93 television stations) under the former's corporate umbrella in a cash-and-stock merger transaction valued at $3.6 billion. Because Raycom operates three stations in the Honolulu market, the companies were required to sell either KHNL, KGMB or KFVE to another station owner in order to comply with FCC ownership rules.