MDP - Meredith gains on report it nears deal to sell TV stations to Gray Television

Meredith Corp. (MDP) rose 12% in premarket trading on a report that it's in advanced talks to sell its broadcast stations to Gray Television Inc. (GTN) for more than $2.5B.A deal may happen as soon as this week, according to a Bloomberg report. Bloomberg has previously reported that the Meredith is working with an adviser on the potential sale of 17 local TV stations.Meredith’s stations include affiliates of Fox and CBS in markets such as Atlanta, Las Vegas and Portland, Oregon.Last week, Gray divests stations from Quincy Media transaction to Allen Media for $380M.

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Meredith gains on report it nears deal to sell TV stations to Gray Television