As announced in May, Gray Television has agreed to acquire Meredith Local Media. One month later, after an unsolicited counteroffer emerged, Gray sweetened its deal, agreeing to pay $2.825 billion in cash.
Now, in order for Gray to satisfy terms that call for Meredith Corporation shareholders to receive $16.99 per share in cash and 1-for-1 equity share in post-close Meredith, it is amending and restating its senior credit facility while concurrently seeking an additional incremental term loan valued at $1.5 billion.
