Media company Meredith Corp said on Thursday it has accepted a revised proposal from broadcast firm Gray Television Inc to buy Meredith's television stations business for about $2.83 billion.

Gray will buy all outstanding shares of Meredith Corp for about $16.99 per share in cash, compared with the previous offer of $14.51 per share, according to the revised agreement.

Last month, Meredith Corp said it planned to sell its television stations to Gray for an enterprise value of $2.7 billion, and spin off its magazines division.

Meredith Corp said on Thursday it had received an unsolicited proposal from another party following the first deal announcement with Gray, and that it subsequently received the revised Gray proposal. 

"Meredith's Board of Directors gave due consideration to both proposals ... and unanimously approved the revised Gray proposal," the company said.