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ABC-12 Sold to Allen Media Broadcasting for $70 Million
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ABC-12 Sold to Allen Media Broadcasting for $70 Million
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Posted By: Hewson Beattie May 6, 2021 @ 8:37 am Local News, News
Atlanta-based Gray Television is buying 17 TV stations from Meredith Corporation, making it the second largest television broadcast group in the country.
The $2.7 billion dollar deal includes CBS affiliates KMOV in St. Louis and KCTV in Kansas City, along with MyNetwork affiliate KSMO in Kansas City.
Gray Television also owns KYTV in Springfield.
Previous Story
Atlanta’s Gray Television buying 17 stations for $2.7 billion, including 1 in Alabama
Updated 7:42 PM;
By Rodney Ho The Atlanta Journal-Constitution (TNS) and Tribune Media Services
Atlanta-based Gray Television has agreed to purchase Meredith’s 17 television stations, including Atlanta’s CBS46 ( WGCL-TV) and Peachtree TV ( WPCH-TV), for an estimated $2.7 billion including debt.
The acquisition would make Gray one of the largest TV station owners in the country, with 101 stations in 113 markets reaching about 36% of U.S. households.
The deal, announced Monday, still requires regulatory approval.
What’s happening
The deal marks the first time Gray has owned TV stations in its hometown of Atlanta.
Atlanta-based Gray Television is breaking ground on a new film and entertainment campus at Doraville’s former General Motors plant, shuttered more than a decade ago. Gray TV paid $80 million for the 127-acre space. Plans are to capitalize on the state’s film industry and foster E-sports gaming and robotics, residences and even a hotel.
This comes as a relief to Doraville city officials, who have watched development plans fall through repeatedly. At one point, there was even talk that the abandoned plant could be the future home of the Atlanta Falcons.
City Councilman Andy Yeoman also directs Doraville’s Downtown Development Authority. He told WABE’s “All Things Considered” host Jim Burress that for all the skeptics out there, Gray TV has sealed the deal. Burress asked Yeoman why it’s taken so long for any development to happen and if turning the former industrial site into a Hollywood utopia will help the area at large.
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