FCC Staff OKs Gray/Meredith TV Stations

The FCC approved Gray Television’s $2.7 billion purchase of 17 TV stations from Meredith, said a letter from the Media Bureau's Video Division posted Friday. “The Transaction serves the public interest, convenience, and necessity.” Approval was expected and Gray executives recently said it would come soon (see 2111050063). The deal involves one overlapping market that Gray addressed by divesting WJRT-TV Flint, Michigan, to Allen Media (see 2107150003), and drew no formal objections. The transaction will make Gray the No. 2 U.S. broadcaster by revenue, and give it an audience reach of 25% of households, well under the 39% cap. Two informal objections, including a late-filed one from a Las Vegas-area broadcast antenna installer who said Meredith had a policy against carrying ads that encourage cord cutting, were rejected. “We cannot conclude, as Mr. Antenna suggests, that such a policy exists, or ever existed, at Gray or Meredith,” staff said: The deal would create public interest benefits for viewers because of Gray’s Washington bureau and the advantages of greater scale. Once the sale is consummated, Meredith will separate into two companies, one consisting of the broadcast properties and owned by Gray, and the other -- Meredith’s print, content and digital businesses -- will become a subsidiary of Dotdash Media (see 2111100051). The deal is expected to close Dec.1, Meredith has said.