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Classified in: Science and technology, Business
Subject: TNM

Gray Announces Four New Transactions And Closes All Announced Acquisitions

ATLANTA, July 1, 2015 /PRNewswire/ -- Gray Television, Inc. ("Gray" or "we" or "our") (NYSE: GTN and GTN.A) today announced four new transactions and the closing of all three of its previously announced acquisitions of leading television stations.  The new transactions are as follows:

Earlier today, Gray closed all three of its previously announced station transactions, which were as follows:

"Today, Gray continues to grow our footprint with even more outstanding, community-focused television stations, and we welcome their dedicated, excellent employees to the Gray corporate family," said Hilton Howell, Gray's President and CEO.

The net purchase price for the Wausau and Laredo transactions less the anticipated proceeds from the Montana dispositions is expected to be $20.0 million, which represents a composite multiple of approximately 5.2 times a blended average of 2014-2015 anticipated pro forma broadcast cash flow including expected synergies. Today, Gray closed the Wausau and Laredo transactions as well as the three previously announced transactions discussed above and funded all those transactions with cash on hand.  The Montana dispositions are subject to receipt of regulatory and other approvals, and we expect them to close in the third quarter of 2015. 

The purchase price, net of anticipated proceeds from dispositions, for all seven separate transactions that Gray has announced in 2015 is $81.35 million.  This net purchase price represents a composite multiple of approximately 6.0 times blended 2014-2015 anticipated pro forma broadcast cash flow including expected synergies.

About Gray Television

Gray Television, Inc. (NYSE: GTN and GTN.A) is a television broadcast company headquartered in Atlanta, Georgia, that owns and operates television stations and leading digital assets in markets throughout the United States.  Upon the consummation of all announced transactions, we will own and operate television stations in 45 television markets broadcasting over 150 program streams including 30 channels affiliated with the CBS Network, 22 channels affiliated with the NBC Network, 16 channels affiliated with the ABC Network and 13 channels affiliated with the FOX Network.  We will then own and operate the number-one ranked television station in 33 of those 45 markets and the number-one or number-two ranked television station operations in 42 of those 45 markets.  We currently reach approximately 8.3 percent of total United States television households.

SOURCE Gray Television, Inc.

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News published on 1 july 2015 at 17:07 and distributed by: