May 4—KTTC-TV owner continues buying binge by snapping up 17 more national television stations for $2.7 billion.
Gray Television, which purchased KTTC earlier this year as part of a $925 million deal, announced Monday that it is acquiring 17 stations from Meredith Corp. The largest stations are in Atlanta, Phoenix, Nashville and Portland.
This move means that KTTC is now part of a sprawling national media organization with a broadcast coverage of 36 percent of US TV households with 101 outlets. That's up from 25 percent back in February.
Officials from the Des Moines-based Meredith stated it is narrowing its focus to its magazines, which include "Entertainment Weekly" and "People."
To address regulatory concerns, Atlanta-based Gray also recently closed on a sale of seven stations that were part of the earlier acquisition of KTTC and other Quincy Media television stations. That batch of stations includes La Crosse-Eau Claire and Madison Wisconsin as well as one in Rockford, Ill.
Byron Allen's Allen Media bought the former Quincy stations from Gray for $380 million in cash.
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