(RTTNews) – Gray Television Inc. (GTN-A, GTN) is in advanced discussions to acquire Meredith Corp.’s (MDP) broadcast stations for more than $2.5 billion, Bloomberg reported citing people familiar with the matter.
A deal could be announced as soon as this week. However, Talks could still fall apart, the report said.
Meredith is working with a financial adviser on the potential divestment of its 17 local stations, Bloomberg previously reported.
The report noted that the sale would allow Meredith to focus on its magazine division. It would also help the media conglomerate boost its digital strategy.
Meredith’s stations include affiliates of Fox and CBS in markets such as Atlanta, Las Vegas and Portland, Oregon.