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GRAY AMENDS MERGER AGREEMENT WITH MEREDITH CORPORATION Atlanta, Georgia - Gray Television, Inc. ('Gray') (NYSE: GTN) today confirmed that Meredith Corporation ('Meredith') recently informed Gray that, after announcing the definitive agreement with Gray, it had received an unsolicited proposal to acquire its Local Media Group ('LMG') division, including all of Meredith's broadcast television stations, from another party. Gray subsequently offered to amend the parties' Merger Agreement to increase the total consideration payable by Gray from approximately $14.50 per share in cash, or $2.7 billi...

© Greg Nash Gray Television will spend $2.7 billion to buy the local TV stations of Meredith, a purchase that will make it the second-largest local broadcaster in the U.S., the company announced Monday. In the deal, Gray will acquire Meredith’s Local Media Group, which owns 17 television stations in 12 local markets including Atlanta, Phoenix, St. Louis, Nashville, Kansas City and Las Vegas. Gray expects the deal to close at the end of the year, after which it will own stations in 113 local markets and serve approximately 36 percent of U.S. television households, according to the announcem...