M&A Deal Summary

TEGNA Acquires Gray Television - Television Stations

On August 20, 2018, TEGNA acquired media company Gray Television - Television Stations from Gray for 105M USD

Acquisition Highlights
  • This is TEGNA’s 12th transaction in the Media sector.
  • This is TEGNA’s 6th largest (disclosed) transaction.
  • This is TEGNA’s 24th transaction in the United States.
  • This is TEGNA’s 2nd transaction in Ohio.

M&A Deal Summary
Date 2018-08-20
Target Gray Television - Television Stations
Sector Media
Buyer(s) TEGNA
Sellers(s) Gray
Deal Type Divestiture
Deal Value 105M USD

Target

Gray Television - Television Stations

Toledo, Ohio, United States
Gray Television, Inc. - Television Stations includes WTOL, the CBS affiliate in Toledo, OH, and KWES, the NBC affiliate in Odessa-Midland, TX,

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Buyer(S) 1

Buyer

TEGNA

Tysons, Virginia, United States

website

Category Company
Founded 1906
Sector Media
Employees6,430
Revenue 2.9B USD (2020)
DESCRIPTION

TEGNA is a diversified media company. The Company operates through two business segments, Media and Digital. The Media segment comprises of 46 television stations in 38 markets. The Digital segment consists of the Cars.com (formerly Classified Ventures LLC) and CareerBuilder businesses. TEGNA, Inc. was formerly known as Gannett Co. TEGNA was originally established in 1906 and is based in Tysons, Virginia.

DEAL STATS #
Overall 24 of 26
Sector (Media) 12 of 14
Type (Divestiture) 7 of 8
State (Ohio) 2 of 2
Country (United States) 24 of 26
Year (2018) 2 of 2
Size (of disclosed) 6 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-02-15 Midwest Television - Broadcasting Stations

San Diego, California, United States

Midwest Television, Inc. - Broadcasting Stations owns and operator of KFMB-TV, the CBS affiliated station in San Diego, KFMB-D2 (CW) and radio broadcast stations KFMB-AM and KFMB-FM in San Diego.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-03-15 The Big Lead

New York, New York, United States

The Big Lead operates as a sports blog. The Big Lead develops custom digital sports marketing programs. The Big Lead was founded in 2006 and is based in New York City.

Sell -

Seller(S) 1

SELLER

Gray

Atlanta, Georgia, United States

website

Category Company
Founded 1897
Sector Media
Employees7,017
Revenue 2.4B USD (2020)
DESCRIPTION

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.

DEAL STATS #
Overall 1 of 3
Sector (Media) 1 of 3
Type (Divestiture) 1 of 2
State (Ohio) 1 of 2
Country (United States) 1 of 3
Year (2018) 1 of 1
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-06-25 Raycom Media

Montgomery, Alabama, United States

Raycom Media, Inc. is a privately-owned local media companies and owns and/or provides services for 65 television stations and 2 radio stations in 44 markets located in 20 states. Raycom Media owns or provides services for stations covering 16% of U.S. television households and employs over 8,300 individuals in full and part-time positions. Raycom Media was founded in 1996 and is based in Montgomery, Alabama.

Buy $3.6B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-06-03 Meredith - Local Media Group

Des Moines, Iowa, United States

Meredith's Local Media Group portfolio includes 17 television stations reaching 11 percent of U.S. households and 30 million viewers. Meredith's portfolio is concentrated in large, fast-growing markets, with seven stations in the nation's Top 25 markets, including Atlanta, Phoenix, St. Louis, and Portland, and 13 stations in the Top 50.

Buy $2.8B
Mergr

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