Gray Media Expands Reach with $171 Million Acquisition of Allen Media Group Stations

Gray Media has agreed to purchase 10 TV stations from Allen Media Group for $171 million, expanding its footprint into three new markets and creating duopolies in seven existing ones. The acquisition is expected to close by Q4 2025, pending regulatory approvals. The deal includes top-rated stations affiliated with major networks like ABC, CBS, FOX, and NBC, promising a broad reach and audience engagement. Upon completion, Gray Media will reach approximately 37% of US television households.

Gray Media has agreed to purchase 10 television stations from Allen Media Group (AMG) for $171 million, expanding its footprint into three new markets and creating duopolies in seven existing ones. The acquisition is expected to close by the fourth quarter of 2025, pending regulatory approvals [1].

The deal includes top-rated stations affiliated with major networks like ABC, CBS, FOX, and NBC, promising a broad reach and audience engagement. Upon completion, Gray Media will reach approximately 37% of US television households. The stations being sold are: WAAY (ABC) in Huntsville, Ala.; WSIL (ABC) in Paducah, Ky., Cape Girardeau, Mo., and Harrisburg, Ill.; WEVV (CBS/Fox) in Evansville, Ind.; WFFT (Fox) in Ft. Wayne, Ind.; WCOV (Fox) in Montgomery, Ala.; KADN (Fox/NBC) in Lafayette, La.; WTVA (ABC/NBC) in Columbus-Tupelo, Miss.; WREX (NBC) in Rockford, Ill.; WTHI (CBS/Fox) in Terre Haute, Ind.; and WLFI (CBS) in West Lafayette, Ind. [2].

Gray Media, which owns television stations and digital assets in 113 markets, will enter the Columbus-Tupelo, Miss., Terre Haute, Ind., and West Lafayette, Ind. markets. The remaining markets will see the creation of duopolies, which Gray Media says will provide deeper “public service to their communities with expanded local news, local weather, and local sports programming” [1].

AMG, which is selling its stations to reduce its debt load, has engaged investment bank Moelis & Co. to help sell its local TV station portfolio, which includes 28 ABC, NBC, CBS, and Fox affiliated stations across 21 markets. Moelis will work as a financial advisor evaluating “various financial and strategic alternatives to position AMG for future success and to maximize the value of its assets” [1].

The acquisition is part of Gray Media's strategic expansion plan to strengthen its presence in key markets and enhance its public service offerings. The deal is expected to close 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 [2].

References:
[1] https://www.adweek.com/tvspy/gray-media-to-purchase-10-local-tv-stations-from-byron-allens-allen-media-group/
[2] https://variety.com/2025/tv/news/byron-allen-sells-tv-stations-gray-media-171-million-1236482388/