ATLANTA, July 14, 2021 (GLOBE NEWSWIRE) – Gray Television, Inc. (“Gray”) (NYSE: GTN) has entered into an agreement to divest WJRT-TV, its ABC subsidiary for the Flint-Saginaw television market, Michigan,, to Byron Allen’s Allen Media Broadcasting, LLC (“Allen Media”) for $ 70 million in cash.

Gray’s Sale of WJRT-TV Facilitates Regulatory Approvals for Its Pending Acquisition of the Local Media Group of Meredith Corporation (“Meredith”) by Removing the Only Market Overlap Between Gray’s and Meredith’s Respective TV Station Portfolios . The WJRT-TV sale is expected to close in the third or fourth quarter of 2021 prior to the closing of the Gray / Meredith transaction and is subject to customary closing conditions. WJRT-TV chief executive Pete Veto will remain with Gray after this sale closes in a new role Gray will announce at a later date.

Allen Media Group was founded by Byron Allen in 1993. Upon closing, Allen Media will own and operate twenty-four local television stations in twenty markets, as well as twelve television networks including The Weather Channel and the free streaming service Local Now . On April 29, 2021, Gray and Allen Media Group announced that Allen Media Group would acquire ten television stations currently owned by Quincy Media, Inc. for $ 380 million during Gray’s anticipated acquisition of Quincy in the third quarter.

“Having to divest WJRT-TV, which we have proudly owned for the past seven years, in order to facilitate our purchase of Meredith TV stations is bittersweet,” said Gray Executive Chairman and CEO Hilton H. Howell. “The wonderful staff at WJRT-TV have done an exemplary job serving the community of Flint-Saginaw, and we are disappointed to lose them. Nonetheless, we are delighted that Byron Allen and his team will follow us as the next dedicated stewards of this excellent TV channel. “

“We are thrilled to have won the process of adding this wonderful local television station and its great employees to the growing Allen Media Group family,” said Byron Allen, Founder, President and CEO of Allen Media Group. “Over the past year and a half, we have invested almost $ 1 billion to acquire the best affiliate broadcast networks and we plan to invest approximately $ 10 billion to acquire more ABC, CBS, NBC and FOX over the next two years with the goal of being America’s largest broadcast television group. All of our media assets will work together to amplify our free streaming service, Local Now. “

About Gray Television Gray Television, headquartered in Atlanta, Georgia, is the largest owner of local television stations and premier digital assets in the United States. Upon closing of its acquisitions of Quincy Media, Inc. and television stations from Meredith Corporation, Gray will become the nation’s second-largest television broadcaster, with television stations serving 113 markets reaching approximately 36% of U.S. television households. The pro forma portfolio includes 79 markets with the highest rated TV channel and 101 markets with the first and / or second highest rated TV channel according to Comscore audience measurement data. Gray also owns video, marketing and digital program production businesses including Raycom Sports, Tupelo Honey and RTM Studios, program and content producer PowerNation and is the majority owner of Swirl Films.

Wells Fargo Securities, LLC served as Gray’s financial advisor.

About Allen Media Group / Entertainment Studios

President and CEO Byron Allen founded Allen Media Group / Entertainment Studios in 1993. Based in Los Angeles, it has offices in New York, Chicago, Atlanta and Raleigh. Allen Media Group owns 24 ABC-NBC-CBS-FOX affiliated television channels in 20 US markets and twelve 24 hour HD television networks serving nearly 180 million subscribers: THE WEATHER CHANNEL, PETS.TV, COMEDY .TV, RECIPE.TV, CARS.TV, ES.TV, MYDESTINATION.TV, JUSTICE CENTRAL.TV, THEGRIO.TV, CE TÉLÉ, LOCAL NOW TV and PATTRN. Allen Media Group will add its thirteenth network, THE WEATHER CHANNEL EN ESPANOL in 2022. Allen Media Group also owns the free AVOD streaming services LOCAL NOW and THE GRIO, powered by THE WEATHER CHANNEL and content partners, which provide real-time, hyper-local information, weather, traffic, sports and lifestyle. Allen Media Group also produces, distributes and sells advertising for 68 television programs, making it one of the largest independent producers / distributors of first-run syndicated television programs for television stations. Allen Media Group International Television continues to expand its branding and content around the world. It currently has active license agreements and programming in South Africa, United Arab Emirates, Australia, Bahamas, Canada and New Zealand. With a library of over 5,000 hours of content across multiple genres, Allen Media Group delivers video content to television stations, cable television networks, mobile devices, multimedia platforms and the World Wide Web. Our mission is to provide excellent programming to our viewers, online users and Fortune 500 advertising partners. Entertainment Studios Motion Pictures is a full-service motion picture distribution company specializing in mass-market commercial content. ESMP released the highest-grossing independent film of 2017, the shark thriller 47 METERS DOWN, which grossed over $ 44.3 million. In 2018, ESMP also released the critically acclaimed and commercially successful Western HOSTILES, the historic thriller CHAPPAQUIDDICK and the sequel to 47 METERS DOWN, 47 METERS DOWN: UNCAGED. Entertainment Studios Motion Pictures’ digital distribution unit, Freestyle Digital Media, is a leading multiplatform distributor with direct partnerships across all major cable, digital and streaming platforms. Capitalizing on a robust infrastructure, a proven track record and a seasoned sales team, Freestyle Digital Media is a true hotbed for independent films. In 2016, Allen Media Group purchased The Grio, a popular digital video-centric community news platform dedicated to providing African Americans with compelling stories and perspectives currently under-represented in existing national media. . The Grio offers aggregated and original video packages, news articles and opinion pieces on topics such as breaking news, politics, health, business and entertainment. Originally launched in 2009, the platform was later purchased by NBC News in 2010. The digital platform remains focused on curating exciting digital content and currently has over 100 million annual visitors. For more information visit: Forward-looking statements:

This press release contains certain forward-looking statements which are largely based on Gray’s current expectations and reflect various Gray’s estimates and assumptions. These statements are statements other than statements of historical fact, and may be identified by words such as “estimates”, “expect”, “anticipate”, “will”, “implied”, “assume” and similar expressions. . Forward-looking statements are subject to certain risks, trends and uncertainties which could cause actual results and achievements to differ materially from those expressed in such forward-looking statements. These risks, trends and uncertainties, which in some cases are beyond Gray’s control, include Gray’s ability to complete its ongoing acquisition of Meredith and Quincy, pending the sale of WJRT-TV or other pending transactions, to conditions and within the timeframe currently envisaged, any significant regulatory or other unexpected requirements in this regard, or whether the expected synergies can be realized in a timely manner or not at all, the impact of recently concluded transactions, the revenue estimates of future retransmission, future expenses and other future events. Gray is subject to additional risks and uncertainties as described in Gray’s quarterly and annual reports filed from time to time with the Securities and Exchange Commission, including in the “Risk Factors” sections and management’s discussions and analysis on the financial position and the results of operations contained therein. , whose reports are made public via its website, Any forward-looking statement contained in this communication should be assessed in light of these material risk factors. This presentation reflects the views of management as of the date hereof. Except to the extent required by applicable law, Gray assumes no obligation to update or revise any information contained in this communication beyond the date hereof, whether as a result of new information, future events or otherwise.

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Gray Contacts: Kevin P. Latek, Executive Vice President, General Counsel and Chief Development Officer, 404-266-8333 Jim Ryan, Executive Vice President and Chief Financial Officer, 404-504-9828 Allen Media Group Contact : Eric Peterkofsky, Allen Media Group / Entertainment Studios 310-277-3500 x124 [email protected]

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