WATERTOWN — The parent company of WWNY-TV 7 News and WNYF-TV Fox 28 is acquiring another group of television stations for $2.7 billion.
Gray Television Inc., Atlanta, announced Monday that it has agreed to acquire all outstanding shares of Meredith Corp., Des Moines, Iowa, for about $14.50 per share, or $2.7 billion total.
Under the deal, Meredith’s National Media Group will be spun out to shareholders as a standalone publicly traded company retaining the Meredith name. At closing, Gray will acquire Meredith’s other operating division, Local Media Group, which consists of 17 TV stations in 12 markets across the country.
Gray, a publicly traded company, acquired the two TV Watertown stations, as well as third station in Minnesota, from United Communications Corp., Kenosha, Wis., in 2019 for $45 million total.
Gray bills itself as the largest owner of top-rated local TV stations and digital assets in the United States, with properties in 94 markets that collectively reach about 24% of U.S. television households.