Media conglomerate Gray set to buy television stations from Block Communications for a $80 million deal
In a significant move, Gray Media has announced plans to acquire several top-ranked local news stations in two Midwestern markets, marking a strategic expansion of its presence in the region. The transactions, anticipated to close in the fourth quarter of this year, include WDRB (Fox affiliate) and WBKI (The CW affiliate) for the Louisville, Kentucky, market, as well as WAVE-TV (NBC affiliate) owned by Gray Media. The deal also encompasses WAND (NBC affiliate) for the Springfield-Champaign-Decatur, Illinois, market and WLIO (NBC affiliate) for the Lima, Ohio, market, along with WLIO's associated low-power television stations.
The acquisition will create a new Big Four duopoly in one market, reflecting a broader trend towards consolidation in the broadcast TV industry. This shift comes in the wake of a recent legal development that potentially facilitates such transactions, following the U.S. Court of Appeals for the Eighth Circuit's July 2025 ruling. The court vacated two key aspects of the FCC’s local television ownership rules, including the prohibition on owning two of the top four stations in the same local market, a decision that removes a significant regulatory barrier for companies like Gray Media.
The court's decision, which also removed the FCC’s expansion of this rule to include multicast streams and low power TV stations, marks a shift towards deregulation and may enable further loosening or reform of ownership rules in future FCC proceedings. The FCC is currently seeking public comments on broader ownership regulations, including the national TV ownership cap, but these proceedings do not directly affect the local ownership rules vacated by the court.
The acquisition will bolster Gray's presence in the Midwest, adding top-ranked local news stations to its portfolio. According to Comscore, WAND and WLIO each had the highest all-day ratings among television households in their markets during 2024. The deal is taking place during a period of increased station merger and acquisition activity in the industry, as companies aggressively lobby the Federal Communications Commission to relax or eliminate ownership rules on broadcast TV stations.
Regulatory approval, including certain waivers of the FCC's current ownership rules, is required for the transactions to be completed, along with the meeting of other customary closing conditions. The acquisition is valued at $80 million and is expected to significantly enhance Gray Media's position in the broadcast TV industry.
- The court's decision to vacate two key aspects of the FCC’s local television ownership rules, including the prohibition on owning two of the top four stations in the same local market, could pave the way for more consolidation in the broadcast TV industry, such as Gray Media's acquisition of several top-ranked local news stations.
- The acquisition of WAND, WLIO, WDRB, and WBKI by Gray Media is expected to create a new Big Four duopoly in one market, a trend that has been gaining momentum in the broadcast TV industry, fueled by deregulation and the relaxation of ownership rules.
- The acquisition of WAND and WLIO will add top-ranked local news stations to Gray Media's portfolio, as both stations held the highest all-day ratings among television households in their markets during 2024, according to Comscore.
- The acquisition valued at $80 million is anticipated to significantly enhance Gray Media's position in the broadcast TV industry, but regulatory approval, including certain waivers of the FCC's current ownership rules, is necessary for the transactions to be completed.
- The FCC is currently seeking public comments on broader ownership regulations, including the national TV ownership cap, but these proceedings do not directly affect the local ownership rules vacated by the court, which potentially facilitates such transactions, such as Gray Media's acquisition of several top-ranked local news stations. This acquisition is taking place during a period of increased station merger and acquisition activity in the industry, as companies aggressively lobby the Federal Communications Commission to relax or eliminate ownership rules on broadcast TV stations.
