Gray Media Acquires 10 Television Stations from Byron Allen for a Precise Sum of $171 Million
Gray Media Acquires 10 Local TV Stations from Allen Media Group for $171 Million
Gray Media is set to expand its reach into three new local TV markets and strengthen its presence in seven others, following the acquisition of 10 television stations from Byron Allen's Allen Media Group. The deal, worth $171 million, is subject to regulatory approval and closing conditions and is expected to close in the fourth quarter of the year.
The acquisition includes well-rated stations in markets such as Huntsville, AL (WAAY - ABC), Paducah-Cape Girardeau-Harrisburg (WSIL - ABC), Evansville, IN (WEVV - CBS/FOX), Ft. Wayne, IN (WFFT - FOX), Montgomery, AL (WCOV - FOX), Lafayette, LA (KADN - FOX/NBC), Columbus-Tupelo, MS (WTVA - ABC/NBC), Rockford, IL (WREX - NBC), Terre Haute, IN (WTHI - CBS/FOX), and West Lafayette, IN (WLFI - CBS).
This marks the beginning of Byron Allen's offloading process, which he started in June with the help of investment bank Moelis & Co. Allen, who started his company more than 30 years ago with a single talk show that he hosted, owns numerous lifestyle channels, the Weather Channel, and digital outlets including The Grio and HBCU Go.
The new ownership will create new duopolies in the seven other markets, allowing Gray to preserve and deepen public service to their communities. Gray Media aims to leverage these duopolies to deliver expanded, localized content across news and entertainment, potentially benefiting viewers with more comprehensive coverage and programming tailored to their markets.
The specific regulatory approval required for the deal has not been mentioned. The closing conditions for the deal have not been detailed, but the transaction is expected to close subject to regulatory approval, including certain waivers of FCC local ownership rules, and other customary closing conditions.
Upon completion of the deal, Gray Media will enter three new local TV markets: Columbus-Tupelo, Mississippi; Terre Haute, Indiana; and West Lafayette, Indiana. The expanded local news, local weather, and local sports programming will be provided by the new duopolies.
- The acquisition by Gray Media will not only enable them to enter three new local TV markets but also strengthen their presence in seven others, potentially revolutionizing the finance and business landscape of these regions through expanded, localized content.
- The deal, valued at $171 million, is anticipated to reshape the industry in these markets, as Gray Media plans to leverage the new duopolies for providing more comprehensive news, weather, and sports programming, enhancing public service to their communities in finance, business, and beyond.
