Gray Television closes on acquisition of Meredith’s Local Media Group
ATLANTA (Gray News) - Parent company Gray Television, Inc. closed Wednesday on its previously announced acquisition of Meredith Corporation’s Local Media Group.
With the addition of Meredith’s 17 television stations in 12 local markets, Gray serves 113 markets reaching approximately 36 percent of U.S. television households. It is now the nation’s second largest TV broadcaster in terms of revenues.
The company retains its position as the largest owner of top-rated local TV stations and digital assets in the U.S. The new, larger portfolio includes 79 markets with the top-rated station and 101 markets with the first and/or second highest rated station.
“Gray is a far stronger company today with the exciting and transformative addition of Meredith’s excellent television stations and its fine employees,” said Gray Executive Chairman and CEO Hilton H. Howell. “We are grateful to the numerous professionals at Gray, Meredith and their advisers who dedicated themselves over the past year to the successful completion of this transaction.”
Meredith closed for $16.99 per share in cash, or $2.8 billion in total enterprise value. Gray acquired Quincy Media, Inc. in August as well.
Headquartered in Atlanta, Gray Television also owns video program production, marketing, and digital businesses including Raycom Sports, Tupelo Honey, and RTM Studios, the producer of PowerNation programs and content. Gray also is the majority owner of Swirl Films.
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