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Gray Media has agreed to acquire ten television stations from Byron Allen’s Allen Media Group for $171 million, expanding its broadcast footprint across ten designated market areas.
The acquisition would add new markets to Gray’s portfolio, including Columbus-Tupelo, Mississippi, Terre Haute, Indiana and West Lafayette, Indiana. According to Comscore, the acquired stations in those markets had the highest all-day ratings in 2024.
In addition to entering new markets, the transaction will create duopolies in seven existing Gray markets. The company said the move is intended to enhance its service to local communities through expanded news, weather, and sports programming.
The agreement includes the following television stations:
Gray expects the deal to close in the fourth quarter of 2025, pending regulatory approval, including certain Federal Communications Commission waivers and standard closing conditions.
Moelis & Company LLC served as the exclusive financial adviser to Allen Media Group for the transaction.
