Gray Mergers and Acquisitions Summary

MediaCompany

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

Join Mergr and gain access to Gray’s M&A summary, the M&A summaries of companies just like it, as well as recent M&A activity in the media sector.

M&A Summary

  • M&A Total Activity23
    • M&A Buy Activity21
    • M&A Sell Activity2
  • Total Sectors Invested 2
  • Total Countries Invested 1
  • M&A Buy/Sell Connections 19
  • M&A Advisors 3

Gray

Gray Television, Inc.

4370 Peachtree Road, NE,
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 ≤ '18 '19 '20 '21 '22 '23 T
Buy (0.4/yr) # 19 - - 2 - - 21
vol $5.7B $2.8B $8.5B
Sell (0.2/yr) # 1 - - 1 - - 2
vol $105M $70M $175M
  23

Most Recent M&A

Company Date Value Type
Family Entertainment Holdings LLC 2021-11-09 - Growth Capital
Medina, Ohio
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
KMVT-TV & KSVT-TV 2015-03-12 18M USD Divestiture
Twin Falls, Idaho
View All >>

M&A by Sector

Sector Buy # Value Sell # Value
Media 20 (95%) 8.5B (100%) 2 (100%) 175M (100%)
Publishing 1 (5%) - - -
Total 21 $8.5B 2 $175M

By Geo

State/Country Buy Value Sell Value
United States 21 8.5B 2 175M
  West Virginia 2 213M - -
  Indiana 2 85M - -
  Ohio 1 - 1 105M
  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 2 $175M

Top M&A Advisors

Legal Deals
Cooley LLP
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%
2 (100%)

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