(Corrects ticker symbol of Gray Television in paragraph 1)
June 25 (Reuters) - Gray Television Inc on Monday said it will acquire Raycom Media Inc, an employee-owned company, in a $3.6 billion cash-and-stock deal.
The transaction will consist of $2.85 billion in cash, $650 million in a new series of preferred stock, and 11.5 million shares of Gray common stock, the companies said. (Reporting by Munsif Vengattil in Bengaluru; Editing by Shailesh Kuber)
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