Atlanta-based Gray Media has agreed to acquire television stations in ten markets from Byron Allen’s Allen Media Group for $171 million.
The transaction would bring Gray into three new markets – Columbus-Tupelo, Mississippi; Terre Haute, Indiana; and West Lafayette, Indiana – with the acquisition of the local television station in each market that had the highest all-day ratings in 2024, according to Comscore.
Gray expects the transaction to strengthen the company’s presence in the seven other markets by creating new duopolies “that would allow Gray to preserve and deepen public service to their communities with expanded local news, local weather, and local sports programming.”
It anticipates closing the transaction in the fourth quarter pending regulatory approval, including certain waivers of FCC local ownership rules.
Moelis & Company acted as exclusive financial adviser to Allen Media Group in this transaction.
Gray is a major owner of top-rated local television stations and digital assets serving 113 television markets that collectively reach approximately 37 percent of US television households. The portfolio includes 78 markets with the top-rated television station and 99 markets with the first or second highest station during 2024, as well as the largest Telemundo Affiliate group with 44 markets.
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