Gray completes acquisition of Raycom Media and related transactions

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ATLANTA, Ga. (WYMT) - Gray Television, Inc. announced Wednesday that it has consummated its transformative transaction with Raycom Media, Inc.

In connection with the Raycom Merger, Gray and Raycom completed the divestitures of nine television stations in overlap markets consistent with the parties’ June 25, 2018, joint announcement of their merger. These station divestitures satisfy the conditions placed on the merger by the Antitrust Division of the U.S. Department of Justice and the Federal Communications Commission. In addition, immediately prior to the Gray/Raycom closing, Raycom completed the spin-offs to its shareholders of two of its wholly owned subsidiaries, CNHI, LLC and PureCars Automotive, LLC.

Gray’s acquisition of Raycom completes Gray’s transformation from a small, regional broadcaster to a leading media company with nationwide scale based on high-quality stations with exceptional talent in attractive markets. By combining these two great companies, Gray now owns the first or second highest rated television station in 85 markets, according to Comscore’s audience measurement data between December 2017 and November 2018. In total, Gray owns and/or operates television stations and leading digital properties in 91 television markets from Alaska and Hawaii to Maine and Florida. Collectively, these television stations broadcast almost 400 separate programming streams, including nearly 150 affiliates of the CBS/NBC/ABC/FOX networks.

Upon the closing, Hilton Howell became Gray’s Executive Chairman and Chief Executive Officer, and Pat LaPlatney, formerly Raycom’s President and Chief Executive Officer, became Gray’s President and Co-Chief Executive Officer. In addition, Pat and Raycom’s prior President and CEO, Paul McTear, joined Gray’s Board of Directors.

Bob Smith, Gray’s Chief Operating Officer, Local Media, oversees station operations and reports to Pat. Gray will continue to have a group of seasoned managers oversee stations with Raycom’s Sandy Breland and Brad Streit joining Matt Jaquint, Mike King, Nick Matesi and Chris Mossman in their new positions as Senior Vice Presidents, Local Media.

Jim Ryan continues in his role as Chief Financial Officer, reporting to Hilton. Jay Cowart and Vance Luke continue in their roles as Vice President and Chief Accounting Officer, and Vice President, Controller, respectively. Upon the closing, Gray promoted Sabra Cowart to Vice
President, Accounting/Finance, and Becky Sheffield, formerly of Raycom, joined Gray as Vice President, Controller.

Kevin Latek continues in his role as Chief Legal and Development Officer, reporting to Hilton. Ellenann Yelverton, formerly of Raycom, is now Gray’s Vice President and Deputy General Counsel, overseeing Gray’s legal department. Rob Folliard is now Vice President, Government Relations and Distribution.

Nick Waller continues in his role as Chief Administrative Officer, reporting to Pat. He will continue to focus on integration of the companies as well as overseeing internal performance analysis and reporting, technology, capital projects, human resources, programming, and traffic.

Greg McCastle serves as Senior Vice President, Sales Strategy and Development, reporting to Pat. Greg oversees the Health and Auto verticals, as well as advertising business development efforts. Cary Glotzer continues in his role overseeing Tupelo-Raycom, and Hunter Nickell continues to oversee Raycom Sports and RTM Studios. Greg, Cary and Hunter continue reporting to Pat.

Dave Burke, formerly of Raycom, is Gray’s new Senior Vice President and Chief Technology Officer. In this role, he oversees all of Gray’s Engineering and Information Technology. Dianne Wilson, also formerly of Raycom, is Gray’s new Vice President, Employee Relations, and
she will work closely with Jan Goldstein who continues as Gray’s Vice President, Human Resources. Greg Conklin continues in his role as Gray’s Vice President, Programming.

Finally, effective upon the closing, Gray promoted Mike Braun to Senior Vice President, Gray Digital Media; Becky Meyer to Senior Vice President, National Sales; Mike Jones to Vice President, Political Sales; and Karen Youger to Vice President, Sales Operations, overseeing
Traffic, the Programming Hub, and Matrix.

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