Gray amends merger agreement with meredith corporation

Atlanta, june 03, 2021 (globe newswire) -- 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 billion in total enterprise value (after the spin off of meredith's national media group to the current meredith shareholders), to $16.99 per share in cash, or $2.825 billion in total enterprise value; to increase certain fees due to the other party under certain termination events under the merger agreement; and to make certain other revisions. on june 2, 2021, gray and meredith entered into an amendment to reflect the revised terms.
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