Gray TV Ups Bid for Meredith After Rival Bid
Unsolicited bid forces Gray to raise transaction value to $2.82B
Gray Television said it has raised its bid to acquire Meredith’s TV stations from $14.50 per share to $16.99 in response to being notified by Meredith that it had received an unsolicited proposal from an unidentified company. The increase values the deal, which was announced a month ago from $2.7 billion to $2.82 billion. Meredith’s board approved the revision and both companies signed an agreement to reflect the revised terms.
“Gray remains committed to moving forward with its pending acquisition of Meredith’s local television stations,” the company said in a statement. “Gray continues to believe that the proposed Gray/Meredith transaction is in the best interests of the shareholders of both Gray and Meredith, as well as the companies’ respective employees, business partners, and local communities.”
Gray is also involved in several other transactions, including the acquisition of 11 stations from Quincy Media and selling seven of Quincy’s stations to Allen Media for $380m. That transaction is expected to be completed by Q3 2021.
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Tom has covered the broadcast technology market for the past 25 years, including three years handling member communications for the National Association of Broadcasters followed by a year as editor of Video Technology News and DTV Business executive newsletters for Phillips Publishing. In 1999 he launched digitalbroadcasting.com for internet B2B portal Verticalnet. He is also a charter member of the CTA's Academy of Digital TV Pioneers. Since 2001, he has been editor-in-chief of TV Tech (www.tvtech.com), the leading source of news and information on broadcast and related media technology and is a frequent contributor and moderator to the brand’s Tech Leadership events.