Gray Television will be acquiring all outstanding shares of Meredith Corporation for $2.7 billion. This figure is expressed in total enterprise value after spinning-off of Meredith’s National Media Group to the current shareholders of Meredith, and equates to roughly $14.50 per share. The transaction is expected to be finalized before the end of 2021.
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.