Gray Television In Major Expansion Is Buying Meredith’s Station Group For $2.7 Billion Cash

deadline.com:

Gray Television took a giant leap forward Monday in a deal to acquire Meredith’s local media group of 17 stations in 12 markets for $2.7 billion in a deal Grey said will transform it into the second largest television broadcast group in the nation.Gray will basically acquire all outstanding shares of Meredith for approximately $14.50 per share in cash, or $2.7 billion in total as the second step in a two part transaction.

First, Meredith’s National Media Group including its big magazine stable and digital assets, will be spun off to current Meredith shareholders.

The transaction is expected to close in the fourth quarter.Gray currently operates in only one of these television markets, the Flint-Saginaw DMA.