×
You will be redirected back to your article in seconds

Broadcaster Gray Television Sets $3.6 Billion Deal to Buy Raycom Media

Atlanta-based TV station owner Gray Television has set a $3.6 billion deal to buy Raycom Media, creating a station group with a wide footprint in the Midwest and South.

The deal marks the latest example of consolidation in traditional TV. The union of Gray and Montgomery, Ala.-based Raycom will bring 142 TV stations under the same roof. The enlarged Gray will reach 24% of U.S. TV households and serve 92 markets, most of them falling below the top 50. The group’s largest markets are Tampa, Fla., Cleveland, and Charlotte, N.C.

“Today we announce the transformation of Gray Television into a true leader in the broadcast television industry,” said Hilton H. Howell, Jr., Gray’s chairman, president and CEO. “Combining our company with the excellent Raycom stations and the superb Raycom employees will create a powerhouse local media operation. Together, this new portfolio of leading local media outlets will excel at what they do best, which is to provide the local news that local communities trust, the entertainment and sports content that viewers crave, and the incredible reach that advertisers demand.”

Gray will fork over $2.85 billion in cash and cover the rest of the purchase price with stock, including $650 million newly issued preferred shares.

The post-acquisition plan calls for Howell to serve as co-CEO of the enlarged company alongside Raycom president-CEO Pat LaPlatney. Gray expects the deal to close by year’s end.

Gray has identified nine markets targeted for divestitures as the companies have overlapping station holdings. Those markets include Knoxville, Tenn., Toledo, Ohio, and Waco, Texas.

More TV

  • Neilsons Measurment Problems TV Digital

    WarnerMedia Pulls Out of Audience-Targeting Alliance Open A.P.

    WarnerMedia is going its own way when it comes to helping advertisers find specific groups of TV-watchers. The company, a founding member of the audience-targeting media alliance known as Open A.P., said Friday it would withdraw from the group, citing its desire to pursue its own strategy under owner AT&T. AT&T purchased Time Warner in [...]

  • BLESS THIS MESS - "The Chicken

    Listen: Lake Bell, Dax Shepard on Returning to Broadcast TV With 'Bless This Mess'

    Welcome to “TV Take,” Variety’s television podcast. In this week’s installment, Variety’s executive editor of TV, Daniel Holloway, chats with Lake Bell and Dax Shepard, stars of ABC’s “Bless This Mess,” which debuted on Monday. The show centers around a newly married couple, played by Bell and Shepard, who decide to ditch their shoebox New York City [...]

  • superstore renewed season 3

    'Superstore' Showrunner Justin Spitzer Steps Down as He, Gabe Miller, Jonathan Green Renew Overall Deals at UTV

    “Superstore” executive producers Justin Spitzer, Gabe Miller and Jonathan Green have all renewed their overall deals with Universal Television. In addition, Miller and Green will take over showrunner duties on “Superstore” while Spitzer–who also created the series–will shift to develop new projects for the studio beginning with the 2019-2020 season. “I can’t thank Justin enough [...]

  • THE EXORCIST

    'Exorcist' Star Max Von Sydow Doesn't Let Age Define His Roles

    Max von Sydow turned 90 this month, which is a milestone for most people, but age has always seemed incidental to the actor. When he played the elderly, frail Father Merrin in “The Exorcist,” von Sydow was 44 — meaning he was the same age Bradley Cooper is today. In the 1950s, von Sydow had [...]

  • Gentleman Jack Suranne Jones

    TV Review: HBO's 'Gentleman Jack'

    “Nature played a challenging trick on me, didn’t she?” Anne Lister (Suranne Jones) first utters this sentence with an arch amusement, but over the course of Sally Wainwright’s new drama “Gentleman Jack,” she repeats the sentiment with pride, exhaustion and defiance. Living in 1832 Halifax as a lesbian with a penchant for sweeping black suits [...]

  • Inside the Music of Netflix's 'Ingress:

    Inside the Music of Netflix's 'Ingress: The Animation' (EXCLUSIVE)

    “Ingress: The Animation” hit last fall in Japan, but the global release doesn’t hit Netflix until April 30, fortunately, it’s bringing a little something new to the show based on Niantic’s other popular video game. The global version of the show will feature a new musical score created by Jacob Yoffee (“Free Meek,” “Andi Mack”). [...]

More From Our Brands

Access exclusive content