Gray Media Announces It Has Reached An Agreement With Byron Allen's Allen Media Group To Acquire AMG's Television Stations In Ten Markets For $171M

Gray Media, Inc. ("Gray") has reached an agreement with Byron Allen's Allen Media Group, Inc. ("AMG") to acquire AMG's television stations in ten markets 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.

Specifically, the transaction includes the following local television stations:

Gray anticipates closing the transaction in the fourth quarter of this year following receipt of regulatory approval, including certain waivers of FCC local ownership rules, and other customary closing conditions.

Moelis & Company LLC acted as exclusive financial adviser to Allen Media Group in this transaction.