Wonder what Bert will have to say about this?
IMHO, The continued mating of dinosaurs as the broadcast industry spirals down
into oblivion...
Regards
Craig
https://www.foxbusiness.com/markets/gray-television-to-buy-raycom-media-in-3-6b-deal
Gray Television to buy Raycom Media in $3.6B deal
ReutersPublished June 25, 2018
Broadcasting company Gray Television on Monday said it will acquire privately
held Raycom Media in a cash-and-stock deal valued at $3.65 billion.
The transaction will consist of $2.85 billion in cash, $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 said in a statement.
Gray has a market valuation of about $1.1 billion.
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.
Wells Fargo Securities served as financial adviser and Cooley LLP and Jones Day
served as legal counsel for Gray.
Stonebridge Capital served as financial adviser and Robinson Bradshaw and
Covington & Burling served as legal counsel for Raycom.
The transaction is expected to close in the fourth quarter of 2018.
(Reporting by Munsif Vengattil in Bengaluru; Editing by Shailesh Kuber)
