It’s unfathomable in the radio broadcasting space, given the dearth of deals and low valuations assigned to some of the more recent transactions involving AMs and FMs.
Meredith Corporation received an unsolicited proposal to acquire its Local Media Group, following the May 3 announcement that it had agreed to sell its broadcast TV assets to Gray Television for $2.7 billion in total enterprise value.
What did Gray do? It responded with an increased offer for Meredith Local Media.
Meredith Corporation said yes to the amended transaction.