Gray Media has made a significant move in the broadcasting landscape, agreeing to purchase ten television stations from Byron Allen’s Allen Media Group for $171 million. This acquisition represents a substantial expansion of Gray’s footprint, adding ten new designated market areas to its portfolio.
The newly acquired stations bring Gray into several key markets, including Columbus-Tupelo, Mississippi; Terre Haute, Indiana; and West Lafayette, Indiana. These stations boasted the highest all-day ratings in 2024, according to Comscore data, indicating a strong potential for viewership and revenue.
Furthermore, the transaction will result in the creation of seven duopolies in existing Gray markets, enhancing the company’s presence in those areas. Gray’s stated aim is to leverage this expanded reach to improve its service to local communities by providing enhanced news, weather, and sports programming.
The agreement includes several television stations. Gray anticipates that the deal will finalize in the fourth quarter of 2025, subject to regulatory approval, including obtaining necessary waivers from the Federal Communications Commission and fulfilling standard closing conditions.
Moelis & Company LLC acted as the exclusive financial advisor to Allen Media Group throughout this transaction.