Gray Television, Inc. announced on Monday Feb. 1 that it has agreed to acquire Quincy Media Inc. for $925 million. As per the agreement, the transaction will be completed in cash. This purchase price represents a multiple of approximately 6.9 times a blended average of Quincy’s 2019/2020 earnings before interest, taxes, depreciation and amortization. This transaction purchase price also includes expected year-one annualized synergies of around $23 million.
Wells Fargo Securities began a formal process to market the divestiture stations to qualified third parties after the issuance of Gray’s press release. These divestitures may be completed as cash sales, swaps with other television stations, or a combination of both cash sales and swaps.
Gray will own televi…