Overview

• The transaction covers 10 Big Four network affiliate stations in medium and small markets, including Huntsville, Paducah–Cape Girardeau–Harrisburg, Evansville, Rockford and Montgomery.
• Allen Media Group initiated the sale after hiring Moelis & Company in June to explore strategic alternatives for its 28-station portfolio and reduce roughly $1.5 billion in debt.
• Gray Media will enter three new markets—Columbus–Tupelo, Mississippi; Terre Haute, Indiana; and West Lafayette, Indiana—while forming duopolies in seven existing markets to expand local news, weather and sports programming.
• Moelis & Company acted as the exclusive financial adviser to Allen Media Group in preparing and negotiating the transaction.
• Closing is expected in the fourth quarter of 2025, contingent on FCC approval of local-ownership waivers and other customary conditions.