Cynthia Littleton Business EditorAtlanta-based Gray Television has reached a deal with Meredith Corp. to acquire 17 TV stations for $2.7 billion.Gray Television has been actively scooping up TV stations for the past several years.
The addition of Meredith’s stations in Atlanta, Phoenix, Nashville, Portland, Ore., and other mid-sized markets will bring Gray’s holdings to 101 stations serving 113 markets.Des Moines-based Meredith, meanwhile, is slimming down to focus on its magazine publishing and digital assets.
The company that is now home to Entertainment Weekly and People will spin off its National Media Group unit to existing shareholders as part of the transaction with Gray.
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