UPDATED 9:45 a.m.
ATLANTA—Gray Television has announced that it is acquiring Meredith Corp.’s all outstanding shares of Meredith Corporation, which includes all of its broadcast stations, for $2.7 billion.
Gray TV is acquiring Meredith's Local Media Group, consisting of 17 TV stations in 12 markets. Meredith will maintain ownership of its National Media Group, which includes a portfolio of magazines as well as digital and marketing assets.
The TV stations that will be transferring over to Gray TV include:
- WGCL (CBS)/WPCH (Independent), Atlanta
- KPHO (CBS)/KTVK (Independent), Phoenix
- KPTV (FOX)/KPDX (MyNetwork), Portland, Ore.
- KMOV (CBS), St. Louis
- WSMV (NBC), Nashville, Tenn.
- WFSB (CBS), Hartford-New Haven, Conn.
- KCTV (CBS)/KSMO (MyNetwork), Kansas City, Mo.
- WHNS (FOX), Greenville-Spartanburg, S.C.
- KVVU (FOX), Las Vegas
- WALA (FOX), Mobile, Ala.
- WNEM (CBS), Flint-Saginaw, Mich.
- WGGB (ABC & FOX)/WSHM-LD (CBS), Springfield, Mass.
Gray TV currently operates in one of these markets, Flint-Saginaw, Mich. This will require Gray TV to divest the market's ABC affiliate, WJRT-TV, to an independent third party by the closing of the acquisition. Gray TV estimates that the deal will close in the fourth quarter 2021.
With the deal, Gray TV says that it will become the second largest TV broadcaster in the country, serving 113 markets and reaching approximately 36% of U.S. TV households.
"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 shareholders are deeply appreciative of the tireless efforts of our team led by Kevin Latek and Jim Ryan on this transaction and our other recently announced significant transactions. Building on our successes throughout 2020 and just the first few months of 2021, Gray Television clearly has an even stronger and brighter future than ever," said Hilton H. Howell, executive chairman and CEO of Gray TV.
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