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Slideshow Mergers & Acquisitions

By The Online Investor Staff, updated Tue., Jun. 15, 2:11 PM

Slide #70. Gray Television, Inc. Meredith Corporation's Local Media Group

Acquirer: Gray Television, Inc. (NYSE:GTN)
Acquiree: Meredith Corporation's Local Media Group
Details: Gray Television, Inc. ("Gray") (NYSE: GTN) today confirmed that Meredith Corporation ("Meredith") recently informed Gray that, after announcing the definitive agreement with Gray, it had received an unsolicited proposal to acquire its Local Media Group ("LMG") division, including all of Meredith's broadcast television stations, from another party. Gray subsequently offered to amend the parties' Merger Agreement to increase the total consideration payable by Gray from approximately $14.50 per share in cash, or $2.7 billion in total enterprise value (after the spin off of Meredith's National Media Group to the current Meredith shareholders), to $16.99 per share in cash, or $2.825 billion in total enterprise value; to increase certain fees due to the other party under certain termination events under the Merger Agreement; and to make certain other revisions. On June 2, 2021, Gray and Meredith entered into an amendment to reflect the revised terms.

Gray Television is a holding company. Through its subsidiaries, Co. is a television broadcast company that owns television stations and digital assets. Co. owns and/or operates television stations in various television markets. Co. also owns video program production, marketing, and digital businesses including Raycom Sports, Tupelo-Raycom, and RTM Studios, the producer of PowerNation programs and content. In addition, Co.'s secondary channels are affiliated with various smaller networks and program services including, among others, the CW Network or the CW Plus Network, MY Network, and the MeTV Network. Co. also broadcasts independent and local news/weather channels in some markets.

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Company Name:  Gray Television Inc
Stock buyback:  GTN buyback
Sector:  Television & Radio
Number of ETFs Holding GTN:  34
Total Market Value Held by ETFs:  $179.33M
Total Market Capitalization:  $2.02B
% of Market Cap. Held by ETFs:  8.86%

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June 15, 2021    2:11 PM Eastern
Quotes delayed 20 minutes

Strong Buy (4.00 out of 4)
89th percentile
(ranked higher than approx. 89% of all stocks covered)

Analysts' Target Price:
GTN Stock Forecast

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