Broadcasting company Gray Television on Monday, June 25, announced it will acquire privately held Raycom Media in a cash-and-stock deal valued at US$3.65 billion, reported The Wall Street Journal.
The transaction will consist of US$2.85 billion in cash, US$650 million in a new series of preferred stock, and 11.5 million shares of Gray common stock, the companies said.
The combined company will have 142 full-power television stations serving 92 markets, the third largest portfolio of stations and markets in the United States, Gray announced in a statement. The combined company will have a presence in 24% of US households, compared to an estimated 65% for Sinclair’s estimated 62%, after acquiring Tribune media.
Raycom President and CEO Pat LaPlatney will become Gray’s president and co-chief executive officer, and current Gray CEO Hilton Howell will become executive chairman and co-chief executive officer after the deal closes.
Full Content: The Wall Street Journal
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