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5d ago

Gray Media to Buy 10 TV Stations from Byron Allen for $171 Million

The purchase extends Gray’s holdings into three new markets pending FCC approval for a Q4 closing.

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Overview

  • Gray Media agreed to acquire 10 ABC, CBS, Fox and NBC affiliate stations from Allen Media Group for $171 million.
  • The deal gives Gray a foothold in Columbus-Tupelo (MS), Terre Haute (IN) and West Lafayette (IN) and creates duopolies in seven existing markets to bolster local news, weather and sports programming.
  • Completion hinges on Federal Communications Commission approval and specific waivers of local ownership caps with a closing expected in the fourth quarter of 2025.
  • Moelis & Company served as exclusive financial adviser to Allen Media Group for the sale of these stations.
  • Byron Allen’s company is marketing its remaining 18 stations to raise proceeds for paying down roughly $1.5 billion in debt in a challenging advertising environment.