FCC Approves Gray/Raycom, Imposes No New Conditions
The FCC approved Gray buying Raycom for about $3.6 billion without more conditions beyond divestitures proffered by Gray, said an order Thursday, as expected (see 1812180034). The deal was approved by the Media Bureau on delegated authority, and includes…
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a sign-off on the two existing top-four combinations in Texas and Hawaii. “The regulatory consents include no unexpected or unusual terms and conditions,” Gray said. Now with both FCC and DOJ approval (see 1812140019), the deal is expected to close Jan. 1, Gray said. The transaction includes divestitures in nine markets totaling $235 million to Lockwood Broadcasting, E.W. Scripps, Marquee Broadcasting and Tegna. When the purchase is complete, Gray will be third largest U.S. broadcast group, with 133 TV stations in 92 markets, Gray said. Per the order, the combination’s ownership reach will be 17 percent with the UHF discount. It would rise to 24 percent without the discount, Gray said. The deal includes nonbroadcast Raycom businesses Raycom Sports and automotive production company RTM Productions. Raycom CEO Pat LaPlatney and other executives will join the new Gray (see 1806250010). No petitions to deny were filed, but NCTA, Dish Network and the American Cable Association raised concerns about the combination’s effect on retransmission consent prices. “Commenters’ allegations regarding retransmission consent do not raise a substantial and material question of fact as to whether grant of the Applications would serve the public interest,” the bureau said.