GRAY TO ACQUIRE QUINCY MEDIA, INC. FOR $925 MILLION

ATLANTA, Feb. 01, 2021 (GLOBE NEWSWIRE) -- Gray Television, Inc. (“Gray” or “we”) (NYSE: GTN) announced today that it has entered into an agreement to acquire Quincy Media, Inc. (“Quincy” or “QMI”) for $925 million in cash.  Upon closing the transaction, Gray will own television stations serving 102 television markets that collectively reach 25.4 percent of US television households, including the number-one ranked television station in 77 markets and the first and/or second highest ranked television station in 93 markets according to Comscore’s average all-day ratings for calendar year 2020.

“We are honored and humbled to be selected by Quincy’s shareholders to acquire their terrific company,” said Hilton H. Howell, Jr., Gray’s Executive Chairman and CEO.  “We are very excited to welcome their dedicated journalists, account executives, and technologists to the Gray family.  With the addition of these professionals and their stations, Gray will become a stronger company with an even larger platform of high quality television stations to better serve the public interest first.”

“Many of our shareholders, board members and employees are descendants of two families who have been in the company for 95 years and in the media business for over 100 years.  The focus has always been on serving our communities with the best in news, public service and community involvement.  It is a legacy of which we are very proud,” said Ralph M. Oakley, President/CEO of QMI.  “While this is the end of a long and successful chapter, it also represents a wonderful new chapter for the communities we serve and our employees with the acquisition of the stations by Gray.  They are great operators and people and our philosophies very much mirror one another.”

QMI is a family-owned media company headquartered in Quincy, Illinois, that owns and operates high quality television stations and leading local digital platforms in 16 markets primarily in the Midwest.  Like Gray, Quincy’s portfolio of best-in-class television stations maintain local control over programming and operational decisions and have reputations for a commitment to excellence in local news operations, programming, community engagement and public service.  Gray believes that the deep similarities between Gray and Quincy in terms of company cultures, award-winning journalistic commitments, and exceptional community service will help ensure a smooth integration of the acquired stations.