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Gray Television to Acquire Meredith TV Stations for $2.7 Billion

Gray Television to Acquire Meredith TV Stations for $2.7 Billion
Addition of 17 TV stations will make Gray second-largest television broadcast group
Tony Maglio | May 3, 2021 @ 7:28 AM
Gray TV/Meredith
Gray Television is acquiring Meredith Corporation’s Local Media Group for $2.7 billion, which will make Gray the nation’s second-largest television broadcast group (passing Sinclair and still sitting behind Nexstar).
The transaction, which is expected to close in the fourth quarter of this year, will see Gray paying out $14.50 per share of Meredith in cash.
“The television station portfolios, company cultures, and commitments to localism of Gray and Meredith are highly complementary,” Gray’s Executive Chairman and CEO Hilton H. Howell said in a statement on Monday. “We are very excited to acquire Meredith’s excellent television stations, and we look forward to welcoming its employees into the Gray family. Moreover, Gray’s Board and shareholder ....

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Gray to acquire Meredith Corporation's Local Media Group in $2.7B transaction

Gray to acquire Meredith Corporationâs Local Media Group in $2.7B transaction
Grayâs portfolio of television stations, including all announced transactions and less divestitures, will serve 113 local markets reaching approximately 36 percent of US television households. (Source: Gray TV)
By Gray News Staff | May 3, 2021 at 3:18 AM HST - Updated May 3 at 5:25 AM
(Gray News) - Gray Television, Inc. has agreed to acquire all outstanding shares of Meredith Corporation for approximately $14.50 per share in cash, or $2.7 billion in total enterprise value, after the spin off of Meredithâs National Media Group to the current Meredith shareholders.
The parties expect to close the transaction in the fourth quarter of 2021. Immediately prior to closing this acquisition, Meredith will spin off to its existing shareholders its National Media Group operating division, which owns the nationâs largest portfolio of magazines as well as digital and marketi ....

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Gray Buying Meredith Local Media For $2.7 Billion

Gray Buying Meredith Local Media For $2.7 Billion
It’s getting 17 stations in 12 markets and will spin off its Flint, Mich., ABC affiliate WJRT since it’s acquiring CBS affil WNEM there. With a combined net revenue exceeding $3.1 billion on a blended 2019-20 basis, Gray said its acquisition of Meredith’s television stations will transform Gray into the nation’s second largest television broadcaster.
By Mark K. Miller | May 3, 2021 | 9:27 a.m. ET.
Gray Television has agreed to acquire all outstanding shares of Meredith Corp. for approximately $14.50 per share in cash, or $2.7 billion in total enterprise value after the spin-off of Meredith’s National Media Group to the current Meredith shareholders. The parties expect to close the transaction in the fourth quarter of 2021. ....

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Georgia station operator to acquire Rocky Hill's WFSB in $2.7B deal

Rocky Hill’s WFSB-TV Channel 3 could soon have a new owner, following an announced $2.7 billion acquisition of its Iowa-based parent company.
On Monday, Gray Television Inc. said it had agreed to acquire all outstanding shares of Meredith Corp. for $14.50 per share in cash. The deal includes Meredith’s local media group, which owns WFSB and 16 other stations in 11 local markets.
Meredith intends to spin out its national media group, which owns a portfolio of major magazines and other assets, to its current shareholders.
The company has owned WFSB, a local CBS affiliate, since 1997.
The deal is slated to close in the fourth quarter. Once complete, Gray, based in Atlanta, Georgia, said it would be the second largest television broadcast group in the country, serving 113 local markets and reaching approximately 36% of television households. ....

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WFSB to be sold to Georgia broadcast company as part of $2.7B deal

WFSB to be sold to Georgia broadcast company as part of $2.7B deal
Russell Blair, Hartford Courant
© Ken Gosselin/Hartford Courant
WFSB s headquarters in Rocky Hill.
The parent company of WFSB-TV, Channel 3 plans to sell the Rocky Hill television station and 16 others it owns as it exits the broadcast news business to focus on its magazine and digital properties.
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Atlanta-based Gray Television, Inc. has agreed to purchase WFSB and the other stations from the Meredith Corporation in a deal valued at $2.7 billion.
“The television station portfolios, company cultures, and commitments to localism of Gray and Meredith are highly complementary,” Gray Executive Chairman and CEO Hilton H. Howell said, in a news release. “We are very excited to acquire Meredith’s excellent television stations, and we look forward to welcoming its employees into the Gray family.” ....

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