Gray Television’s $925 million acquisition of Quincy Media was approved by the Department of Justice on Wednesday.
The deal gets regulatory approval under the condition that Gray divests 10 broadcast TV stations in seven local markets. Quincy mostly operates in the Midwest.
The acquisition is Gray’s latest move to tap into new markets.
- Last month, it formed Gray Sports + Entertainment Sales to represent the company’s internal content production portfolio.
- Gray acquired Raycom for $3.6 billion in 201, adding 142 television stations across 92 markets.
- Gray plans to acquire Meredith Corporation for $2.83 billion in total enterprise value. Meredith recently sold Sports Illustrated to Authentic Brands Group for $110 million.
Gray’s deal for Quincy was first announced in February. Per FCC guidelines, no entity can reach more than 39% of all U.S. households; Quincy owned stations in 102 markets, reaching over 25% of U.S. TV households.
There could be more stipulations. Earlier this month, the FCC proposed a $518.28 million fine against the company, saying Gray violated rules by owning two full power stations in the same designated market area that were rated among the top four in the market.
The DOJ and FCC will go through similar talks soon regarding the WarnerMedia and Discovery merger.
