|W. Blake Gray gives thanks to God after selling The Gray Report for $1.65 million (Canadian)|
Gallo spokesman Bunk Moreland said that the site will look much the same as before, but the quality and consistency will be higher.
|Gallo spokesman Bunk Moreland|
The sale happened quickly, when Constellation Brands made an opening offer to Gray of $15, with a spokesman saying off the record, "It'll be worth it for the spectacles alone."
Once the site was rumored to be on the market, other bidders emerged. Constellation immediately doubled its offer but was forced to withdraw when it learned it was unable to secure that much financing.
Gallo was involved in the bidding almost from the beginning, and by 7 p.m. Sunday it appeared ready to capture the site for just $1011.36. But Jean-Charles Boisset jumped in and quickly bid the price up over $1 million within 15 minutes while his wife was bathing her twin daughers. "The Gray Report has excellent terroir," Boisset said. "But Gina said, 'You idiot, what are you doing?' and I realized my mistake. Still, building an empire takes patience, and Gallo might tire of this asset one day. And like always, I'll be waiting outside with a flower in my lapel."
A secret bidder believed to be William Foley drove up the price Gallo paid. Foley made no comment and was last seen reading the source code of Vinography and 1 Wine Dude. "My site's valuable too," said Steve Heimoff. "Really valuable."
Moreland said Gray would keep his official titles of writer and editor of the Gray Report while more talented people would be brought in to "support" him. "That's our style of acquisition," Moreland said, taking a puff on a stogie. He would not comment on whether production would be increased, but said, "Of course we plan to leverage our widespread distribution channels. We expect people to read The Gray Report in every liquor store in America, especially the ones I frequented in my previous job."
Wall Street analyst Russell "Stringer" Bell praised the deal, saying, "It was getting hard for Gray to hold them towers. Now he's going to have the product he needs."