Note 14 - Subsequent Event	3 Months Ended
Mar. 31, 2021
Notes to Financial Statements
Subsequent Events [Text Block]	14. Subsequent Events Acquisition of Doraville Land. On April 7, 2021 we acquired land in the Atlanta suburb of Doraville, Georgia for $83 million. We intend to use this property, in part, for future studio production facilities. Acquisition of Meredith. On May 3, 2021, we agreed to acquire all outstanding shares of Meredith Corporation (“Meredith”) for approximately $14.50 per share in cash, or $2.7 billion in total enterprise value, subject to and immediately after the spinoff of Meredith’s National Media Group to the current Meredith shareholders. The parties expect to close the transaction in the fourth quarter of 2021. At the closing, Gray will acquire Meredith’s remaining operating division, known as the Local Media Group, which owns 17 television stations in 12 local markets, adding 11 new markets to our operations. To facilitate regulatory approvals for this transaction, we will divest our existing television station in one market. The merger agreement contains certain termination rights for both parties. Upon termination under specific circumstances, Meredith would be required to pay us a termination fee of $36 million, including in the event that Meredith enters into a definitive agreement with respect to a superior proposal or an adverse recommendation is issued by Meredith’s board of directors with respect to the transaction. If the required Meredith shareholder vote is not obtained or the transaction does not occur by the date specified in the merger agreement due to the failure of certain conditions to consummate the distribution and the spinoff, Meredith would be required to pay us an amount based upon the costs and expenses incurred by us related to the transaction. The merger agreement also provides that we will be required to pay a termination fee to Meredith of $125 million if the merger agreement is terminated by Meredith due to our breach of the agreement or failure to close, subject to certain limitations. Also on May 3, 2021, we entered into a financing commitment letter to provide the debt financing for a portion of the purchase price to be paid to complete the transaction with an incremental term loan facility in an aggregate principal amount of $1.45 billion (the “2021 Term Loan”) and a bridge facility in an aggregate principal amount of $1.35 billion (the “2021 Bridge Facility”). The Commitment Letter contains conditions to funding of the debt financing customary for commitments of this type. The 2021 Term Loan will be secured on a pari passu basis with our other obligations under our 2019 Senior Credit Facility, and senior in lien priority to the 2021 Bridge Facility. The 2021 Bridge Facility will be second lien senior secured debt, ranking pari passu in right of payment with all our other senior debt and the guarantors, but junior in lien priority to the liens securing the 2021 Term Loan and all other obligations as defined in the 2019 Senior Credit Facility, in each case on terms reasonably satisfactory to the lead arranger. Various economic terms of the debt financing are subject to change in the process of syndication. The transaction is subject to customary closing conditions and regulatory approvals, including certain consents necessary to effectuate the spinoff of Meredith’s National Media Group immediately prior to the closing of our acquisition of Meredith.

Note 14 - Subsequent Event

3 Months Ended

Mar. 31, 2021

14. Subsequent Events

Acquisition of Doraville Land. On April 7, 2021 we acquired land in the Atlanta suburb of Doraville, Georgia for $83 million. We intend to use this property, in part, for future studio production facilities.

Acquisition of Meredith. On May 3, 2021, we agreed to acquire all outstanding shares of Meredith Corporation (“Meredith”) for approximately $14.50 per share in cash, or $2.7 billion in total enterprise value, subject to and immediately after the spinoff of Meredith’s National Media Group to the current Meredith shareholders. The parties expect to close the transaction in the fourth quarter of 2021. At the closing, Gray will acquire Meredith’s remaining operating division, known as the Local Media Group, which owns 17 television stations in 12 local markets, adding 11 new markets to our operations. To facilitate regulatory approvals for this transaction, we will divest our existing television station in one market.

The merger agreement contains certain termination rights for both parties. Upon termination under specific circumstances, Meredith would be required to pay us a termination fee of $36 million, including in the event that Meredith enters into a definitive agreement with respect to a superior proposal or an adverse recommendation is issued by Meredith’s board of directors with respect to the transaction. If the required Meredith shareholder vote is not obtained or the transaction does not occur by the date specified in the merger agreement due to the failure of certain conditions to consummate the distribution and the spinoff, Meredith would be required to pay us an amount based upon the costs and expenses incurred by us related to the transaction. The merger agreement also provides that we will be required to pay a termination fee to Meredith of $125 million if the merger agreement is terminated by Meredith due to our breach of the agreement or failure to close, subject to certain limitations.

Also on May 3, 2021, we entered into a financing commitment letter to provide the debt financing for a portion of the purchase price to be paid to complete the transaction with an incremental term loan facility in an aggregate principal amount of $1.45 billion (the “2021 Term Loan”) and a bridge facility in an aggregate principal amount of $1.35 billion (the “2021 Bridge Facility”). The Commitment Letter contains conditions to funding of the debt financing customary for commitments of this type. The 2021 Term Loan will be secured on a pari passu basis with our other obligations under our 2019 Senior Credit Facility, and senior in lien priority to the 2021 Bridge Facility. The 2021 Bridge Facility will be second lien senior secured debt, ranking pari passu in right of payment with all our other senior debt and the guarantors, but junior in lien priority to the liens securing the 2021 Term Loan and all other obligations as defined in the 2019 Senior Credit Facility, in each case on terms reasonably satisfactory to the lead arranger. Various economic terms of the debt financing are subject to change in the process of syndication.

The transaction is subject to customary closing conditions and regulatory approvals, including certain consents necessary to effectuate the spinoff of Meredith’s National Media Group immediately prior to the closing of our acquisition of Meredith.