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
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
Prime Therapeutics Found in Violation of Antitrust Laws, Arbitrator Rules
Jan 23, 2025 by
CPI
Honda and Nissan Face Challenges in China Amid Potential Merger
Jan 23, 2025 by
CPI
Trump Criticizes EU’s Tech Crackdown, Calls It ‘A Form of Taxation’
Jan 23, 2025 by
CPI
Meta Faces Fresh Allegations of EU Law Breaches in Subscription Service Rollout
Jan 23, 2025 by
CPI
European Commission Investigates Crypto Rules for Cross-Border Stablecoins
Jan 23, 2025 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – International Criminal Enforcement
Jan 23, 2025 by
CPI
The Antitrust Division’s Recent Work to Combat International Cartels
Jan 23, 2025 by
Emma Burnham & Benjamin Christenson
Information Sharing: The New Frontier of U.S. Antitrust Enforcement
Jan 23, 2025 by
Brian P. Quinn, Casey Kovarik & Michael Tubach
The Key Role of Guidelines on Exchanges of Information Among Competitors and the Divergent Transatlantic Paths
Jan 23, 2025 by
Rosa Abrantes-Metz & Albert Metz
Leniency, Whistleblowers, and Compliance
Jan 23, 2025 by
Richard Powers, Tara O’Malley & Cory Gordon