A cash-and-stock deal valued at $3.65 billion, creating the third-largest TV station group in the country, has been announced between Gray Television and Raycom Media, reports Reuters.
Gray will be the buyer.
Reuters reports: “The deal comes at a time when the U.S. Federal Communications Commission is making it easier for media companies to buy TV stations in the same market, and for local stations to jointly sell advertising time.
“In November, the FCC voted to remove certain roadblocks to increased consolidation among media companies, potentially unleashing new deals among TV, radio and newspaper owners as they seek to better compete with online media.
“The transaction will consist of $2.85 billion in cash, $650 million in a new series of preferred stock, and 11.5 million shares of Gray common stock, the companies said.”
Gray says the deal will create a company with “142 full-power television stations serving 92 markets, the third-largest portfolio of stations and markets in the country.”
To read all the details of this huge deal, please click here which will take you to the official press release, including a map of where all 142 stations are located and which stations will be sold off.
Separately, to see a current list of all Gray TV stations, from its website, please click here. To see a current list of all Raycom stations, please click here (and then scroll down once you get to the linked page).