Gray TV’s latest acquisition does not include any Upper Midwest TV stations but does have a regional connection: the seller is Des Moines-based Meredith Corporation.
The companies announced Monday, May 3, that Gray will buy Meredith’s 17 TV stations in 12 markets in a stock transaction valued at $2.7 billion. Meredith will focus on its magazine business.
Though based in Iowa, Meredith does not own any stations in the state. Its closest stations are in Kansas City (KCTV-CBS and KSMO-MNT) and St. Louis (KMOV-CBS).
Meredith had expressed interest in buying a Des Moines TV spinoff from the would-be Sinclair-Tribune merger in 2018, but a different divestiture partner emerged before the entire Sinclair-Tribune deal eventually fell apart.
The only overlap between Gray and Meredith’s groups is in the Flint-Saginaw market, where Gray will divest its own station, Flint ABC affiliate WJRT, and keep Saginaw-based CBS affiliate WNEM.
The deal will give Gray its first stations in its home market of Atlanta, CBS affiliate WGCL and Independent WPCH.
Gray is also in the process of buying stations in eight markets from Quincy Media. It will be the second-largest TV group owner, behind Nexstar, after all pending transactions are completed.