• by Wayne Friedman , May 3, 2021

There is more consolidation among U.S. TV stations — the latest is a $2.7 billion deal by Gray Television, which acquired Meredith Corp. owned TV stations.

This includes 17 stations in 12 markets in Atlanta, Phoenix, Portland (Ore), St. Louis, Nashville, Hartford-New Haven, Kansas City, Greenville-Spartanburg, Las Vegas, Flint-Saginaw, and Springfield (Mass).

Gray says it will have 113 local markets, reaching approximately 36% of U.S. television homes. 

The company says the deal creates either “the first- and/or second-highest-rated television station, according to Comscore’s audience measurement data.”

It will include 79 markets where TV stations are the top-rated and 101 markets and 101 markets with the first- and/or second-highest-rated TV stations.

Gray is acquiring Meredith’s operating division, known as the Local Media Group, where its TV stations are housed.

The all-cash deal will occur after Meredith spins off its National Media Group, which includes all its magazines and digital platforms.

In the fourth quarter, Gray had a combined local and national broadcast advertising revenue of $284 million -- with political advertising revenue of $245 million and retransmission revenue of $217 million.

For the 2020 year, political advertising revenue was $430 million -- up from $68 million in 2019.

Total 2020 broadcasting revenue grew 14% to $2.3 billion.