U.S. approves Gray Television, Raycom merger with divestitures
WASHINGTON, Dec 14 (Reuters) – The U.S. Justice Department said on Friday it would require Gray Television Inc and privately held broadcaster Raycom Media Inc to divest broadcast stations in nine markets as a condition for their $3.6 billion merger.
“Without the required divestitures, Grays merger with Raycom threatens serious competitive harm to cable subscribers and small businesses, Assistant Attorney General Makan Delrahim of the Justice Departments Antitrust Division was quoted as saying in a statement.
At the time the deal was announced in June, the two companies had a combined 142 full-power television stations in 92 markets, reaching about 24 percent of total U.S. television households, (Reporting by Mohammad Zargham; Editing by Eric Beech)
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