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GRAY TELEVISION, INC.
Leading the Industry with the Highest
Quality Portfolio of Local Television Stations
Financial data reflects results "as reported" except where "Combined Historical Basis" (or "CHB") is noted. Revenue is presented net of agency commissions. Ratings data derived from Comscore, Inc. ("Comscore"). "Completed Transactions" includes all acquisitions or dispositions completed as of December 31, 2020. See Glossary at end for definitions. If Appendix is not included, see full presentation located at www.gray.tvfor Non-GAAP Reconciliations.
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Gray Completes the Quincy Acquisition and Prepares to Complete the Meredith Acquisition, Transforming It Into the Nation's Second Largest Broadcaster
113 TV markets reaching 36% US TVHH
89%
Markets with #1/#2
Ranked Stations
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Gray Television's New National Footprint
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Two Excellent Acquisitions
Combination Highlights(1)
79 #1 Rated TV Stations
$3.1 Billion in 2019/2020 CHB Blended Revenue
Combined Quincy + Meredith is anticipated to be approximately 50% accretive to blended 2021/2022 FCF
Gives effect to all completed and pending acquisitions and required regulatory divestitures
Combined Historical Basis Operating Cash Flow as defined in the Senior Credit Agreement is equivalent to the presentation of Adj. EBITDA
Gray Acquires Quincy Media
On August 2, 2021, Gray completed its acquisition of Quincy Media, Inc. for $925 million in cash and the related divestiture of 10 of Quincy's stations in seven overlap markets to Allen Media Broadcasting, LLC ("Allen") for $380 million.
Acquisition adds 8 new markets, each with the #1 or #2 ranked television station.
Purchase price represents a multiple of 6.9x '19/'20 EBITDA including $23 million of expected year-1 annualized synergies.
Gray to Acquire Meredith Local Media Group
Gray reached an agreement to acquire Meredith Corporation's Local Media Group for $2.825 billion in cash. Gray will divest one of its currently owned television stations in the companies' only overlap market to Allen for $70 million.
Acquisition to add 11 new markets, including the #1 or #2 ranked television station in 8 markets. Closing expected in Q4 2021, following receipt of regulatory and other approvals.
Purchase price represents a multiple of 8.3x '19/'20 operating cash flow including $55 million of expected year-1 annualized synergies.
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Gray Television Inc. published this content on 23 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 August 2021 20:33:02 UTC.
Gray Television, Inc. is a multimedia company that owns local television stations and digital assets in the United States. The Company operates through two segments: broadcasting and production companies. The broadcasting segment operates television stations in local markets in the United States. The production companies segment includes the production of television and event content. It serves approximately 113 television markets in the United States. Its portfolio includes approximately 79 markets with the top-rated television station and 102 markets with the first and/or second rated television station. It also owns video program companies Raycom Sports, Tupelo Media Group, PowerNation Studios, as well as the studio production facilities Assembly Atlanta and Third Rail Studios. Its network affiliations include the Big Four networks and many smaller networks. Its stations also provide content through digital platforms, including a local station Website and one or more digital apps.
GRAY TELEVISION, INC. 
