Cases & Deals

Gray Television acquires Meredith Corporation's Local Media Group for $2.8 billion

Clients Gray Television, Inc.

Jones Day advised Gray Television, Inc. in the $2.8 billion acquisition and financing of Meredith Corporation’s Local Media Group, which owns 17 broadcast television stations in 12 local markets. The financing consisted of a $1.5 billion term loan D facility and a $500 million revolving credit facility. Gray acquired all of the outstanding shares of Meredith Corporation for approximately $16.99 per share in cash, or $2.8 billion, immediately following Meredith’s spinoff to its shareholders of the magazine, digital and marketing assets that comprise Meredith’s National Media Group. Gray is now the second largest television broadcast group in the U.S.