On Thursday (4/29), rumors became reality as Allen Media Broadcasting, the fast-growing television company owned by Byron Allen, emerged as the buyer of 10 television stations Gray Television agreed to sell in order to receive regulatory approval of its $925 million merger with Quincy Media, Inc.
While the end of the Ralph Oakley-led QMI is certainly noteworthy and will reshape Gray even further, following the January 2019 completion of its mega-merger with Raycom Media, Gray’s latest “transformative” transaction is a blockbuster in the making.
Gray has agreed to acquire all outstanding shares of Meredith Corporation for approximately $14.50 per share in cash, or $2.7 billion in total enterprise value. Importantly, this will occur following the spin-off of Meredith’s National Media Group to current Meredith shareholders.
