Gray to acquire Meredith Corporationâs Local Media Group in $2.7B transaction Grayâs portfolio of television stations, including all announced transactions and less divestitures, will serve 113 local markets reaching approximately 36 percent of US television households. (Source: Gray TV) By Gray News Staff | May 3, 2021 at 3:18 AM HST - Updated May 3 at 5:25 AM (Gray News) - Gray Television, Inc. has agreed to acquire all outstanding shares of Meredith Corporation for approximately $14.50 per share in cash, or $2.7 billion in total enterprise value, after the spin off of Meredithâs National Media Group to the current Meredith shareholders. The parties expect to close the transaction in the fourth quarter of 2021. Immediately prior to closing this acquisition, Meredith will spin off to its existing shareholders its National Media Group operating division, which owns the nationâs largest portfolio of magazines as well as digital and marketing assets.