The company, which was founded in 2003, is a joint venture of the investment firm Duff Ackerman & Goodrich of San Francisco, California and former Benedek Broadcasting and Spartan Communications executive Louis Wall (who is also CEO of the group).
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As a result of the acquisition, KCHY-LP will be consolidated with KGWN-TV, which Yellowstone (and in turn, Gray) was acquiring through a separate deal with SagamoreHill Broadcasting.
In May 2013, SagamoreHill Broadcasting reached a deal to sell KGNS, along with KGWN-TV in Cheyenne, Wyoming and KSTF in Scottsbluff, Nebraska, to Yellowstone Holdings, a subsidiary of Frontier Radio Management.