Shares of Gray Television, Inc. (NYSE: GTN), the owner and operator of more than 100 television stations spanning 57 television markets, are up 10% as of 11:07 a.m. EDT after the company agreed to buy Raycom Media in a $3.6 billion deal. The combined company will now have 142 full-power television stations serving 92 markets.The market loves the transaction as Raycom Media is one of the nation's largest privately owned local media companies and the combined company will create the single largest owner of top-rated local television stations.