Gray Television, Raycom Agree On $3.65B Media Merger

Law360 (June 25, 2018, 3:55 PM EDT) -- Gray Television Inc. and Raycom Media Inc. said Monday that they have agreed to the terms of a $3.65 billion merger that will create the largest owner of top-rated local television stations and digital assets in the U.S., according to a joint company statement.

Gray will acquire Raycom for almost $3.65 billion of total proceeds consisting of nearly $3.55 billion in enterprise value and $100 million of cash from Raycom. The $3.5 billion consideration breaks down to $2.85 billion in cash, $650 million in a new series of preferred stock and 11.5 million shares of Gray common stock. The transaction is...

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