Byron Allen’s Allen Media Group has finalized an agreement to sell 10 local TV stations to Gray Media for $171 million, as announced by the companies today. This deal, pending FCC and other standard approvals, is projected to conclude in the fourth quarter.
This sale will enhance Gray’s broadcast reach into three additional markets: Columbus–Tupelo, Mississippi; Terre Haute, Indiana; and West Lafayette, Indiana, while also strengthening its presence in seven existing regions. Gray stated that the acquisition will establish new duopolies, enabling enhanced local news, weather, and sports coverage for these communities.
The stations included in this deal are WAAY (ABC) in Huntsville, Alabama; WSIL (ABC) serving the Paducah–Cape Girardeau–Harrisburg market; WEVV (CBS/FOX) in Evansville, Indiana; WFFT (FOX) in Fort Wayne, Indiana; WCOV (FOX) in Montgomery, Alabama; KADN (FOX/NBC) in Lafayette, Louisiana; WTVA (ABC/NBC) in Columbus–Tupelo, Mississippi; WREX (NBC) in Rockford, Illinois; WTHI (CBS/FOX) in Terre Haute, Indiana; and WLFI (CBS) in West Lafayette, Indiana.
Gray anticipates finalizing the deal by the end of the year, contingent on regulatory approval and specific FCC ownership waivers. This acquisition aligns with Gray’s strategy to broaden its market reach and diversify its programming offerings, enhancing its advertising capabilities.
For Allen, this marks a significant initial step in a larger plan to divest a portion of his station portfolio. He engaged Moelis & Co. in June to explore offers for 28 network-affiliated stations located in mid-sized and smaller markets across the U.S. The sale of these 10 stations to Gray represents the first stage of that divestment process.
Allen’s media career began over three decades ago with a single syndicated talk show that he hosted. Since then, his company has evolved into a multi-platform operation encompassing the Weather Channel, various lifestyle networks, and digital properties such as The Grio and HBCU Go.
This transaction mirrors ongoing trends of consolidation within the broadcast television sector, where achieving scale is crucial to compete against streaming and digital alternatives. For Gray, this deal presents strategic advantages; for Allen, it offers a chance to focus on core interests and explore new opportunities in content creation and distribution.
