Gray - M&A Summary and Business Overview

MediaCompany

Gray M&A Summary

Gray has acquired 21 companies, including 2 in the last 5 years. A total of 1 acquisition came from private equity firms. It has also divested 3 assets.

Gray’s largest acquisition to date was in 2018, when it acquired Raycom Media for $3.6B. It’s largest disclosed sale occurred in 2018, when it sold Gray Television - Television Stations to TEGNA for $105M. Gray has acquired in 16 different US states. The Company’s most targeted sectors include media (96%) and publishing (5%).

Gray Business Overview

Where is Gray headquartered?

Gray is headquartered in Atlanta, Georgia.

What is Gray’s revenue?

Gray disclosed revenue of 3,281M USD for 2023 and 3,676M USD for 2022.

How many employees does Gray have?

Gray has 9,374 employees.

What sector is Gray in?

Gray is a media company.

When was Gray founded?

Gray was founded in 1897.

M&A Summary

  • M&A Total Activity24
    • M&A Buy Activity21
    • M&A Sell Activity3
  • Total Sectors Invested 2
  • Total Countries Invested 1
  • M&A Buy/Sell Connections 20
  • M&A Advisors 3

Gray

Gray Television, Inc.

4370 Peachtree Road, NE, Suite 400,
Atlanta, Georgia 30319
United States,
(404) 504-9828
www.gray.tv

Gray is a television broadcast company that owns and/or operates television stations and major digital assets. Gray was founded in 1897 and is based in Atlanta, Georgia.


M&A Summary

Buy vs Sell

Year ≤ '19 '20 '21 '22 '23 '24 T
Buy (0.4/yr) # 19 - 2 - - - 21
vol $5.7B $2.8B $8.5B
Sell (0.4/yr) # 1 - 1 - 1 - 3
vol $105M $70M $175M
  24

Most Recent M&A

Company Date Value Type
Family Entertainment Live LLC 2023-12-11 - Trade Sale
Medina, Ohio · www.familyentertainmentlive.com
Family Entertainment Live LLC 2021-11-09 - Growth Capital
Medina, Ohio · www.familyentertainmentlive.com
Gray Television - WJRT-TV 2021-07-14 70M USD Divestiture
Flint, Michigan
Meredith Corp. - Local Media Group 2021-06-03 2.8B USD Divestiture
Des Moines, Iowa
Gray Television, Inc. - Television Stations 2018-08-20 105M USD Divestiture
Toledo, Ohio
Raycom Media, Inc. 2018-06-25 3.6B USD Add-on Acquisition
Montgomery, Alabama · www.raycommedia.com
WCAX-TV 2017-05-04 29M USD Add-on Acquisition
Burlington, Vermont · www.wcax.com
Diversified Communications, Inc. - Two Television Stations 2017-02-16 85M USD Divestiture
Portland, Michigan
Withers Broadcasting Co. - WDTV And WVFX 2016-05-13 27M USD Divestiture
Clarksburg, West Virginia
Schurz Communications - Television Stations 2016-02-16 415M USD Divestiture
, United States
View All >>

M&A by Sector

Sector Buy # Value Sell # Value
Media 20 (95%) 8.5B (100%) 3 (100%) 175M (100%)
Publishing 1 (5%) - - -
Total 21 $8.5B 3 $175M

By Geo

State/Country Buy Value Sell Value
United States 21 8.5B 3 175M
  Ohio 1 - 2 105M
  West Virginia 2 213M - -
  Indiana 2 85M - -
  Michigan 1 85M 1 70M
  Vermont 1 29M - -
  Texas 1 335M - -
  South Dakota 1 8M - -
  Nevada 1 42M - -
  Nebraska 1 - - -
  Iowa 1 2.8B - -
  Illinois 1 500M - -
  Idaho 1 18M - -
  Georgia 1 4M - -
  Colorado 1 14M - -
  Alabama 1 3.6B - -
Total 21 $8.5B 3 $175M

Top M&A Advisors

Legal Deals
Cooley
3
Jones Day
2
Eversheds LLP
1

Deal Values

buy # Total
> $1B 2 $6.5B
$100M to $1B 6 $1.7B
< $100M 9 $310M
TOTAL $8.5B
Largest Raycom Media, Inc.
$3.6B (2018-06-25)
sell # Total
$100M to $1B 1 $105M
< $100M 1 $70M
TOTAL $175M
Largest Gray Television, Inc. - Television Stations
$105M (2018-08-20)

M&A Connections

Deals
Acquired from
Investor(s)
5%
1 (5%)
Strategic(s)
71%
15 (71%)
Divested to
Strategic(s)
100%
3 (100%)

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