Gray Media Expands Footprint with $171M Acquisition of Stations from Byron Allen‘s AMG

Columbus, OH – August 22, 2024 – Gray Media Group today announced a definitive agreement to acquire television stations from Allen Media Group (AMG) for $171 million, a move signaling continued consolidation within the local broadcast television landscape. The deal, expected to close in the fourth quarter of 2024, will see Gray Media add stations across nine markets, including entering three entirely new areas: columbus-Tupelo, Mississippi; Terre Haute, Indiana; and West Lafayette, Indiana.

The acquisition comes as AMG, led by media entrepreneur Byron Allen, actively works to reduce its considerable debt. AMG engaged Moelis & Co. in June to manage the sale of its local television portfolio, encompassing 28 stations across 21 markets. This strategic divestiture reflects a broader trend of media companies reassessing their local broadcast holdings amid evolving viewership habits and economic pressures.

Gray Media’s purchase will establish duopolies – ownership of multiple stations in the same market – in several existing Gray Media locations. The company emphasizes that these duopolies will enhance its ability to deliver comprehensive local coverage, including expanded news, weather, and sports programming.

“This acquisition strengthens our commitment to local communities and allows us to build upon our existing presence in key markets,” a Gray Media spokesperson stated.

Stations included in the deal, and their respective Designated Market Area (DMA) rankings, are:

WAAY (ABC) – Huntsville, Ala. (No. 75)
WSIL (ABC) – Paducah, Ky., Cape Girardeau, Mo., and Harrisburg, Ill. (no. 90)
WEVV (CBS/Fox) – Evansville, Ind. (No. 109)
WFFT (Fox) – Ft. Wayne, Ind. (No. 110)
WCOV (Fox) – Montgomery, Ala. (No. 121)
KADN (Fox/NBC) – Lafayette, La. (No. 124)
WTVA (ABC/NBC) – Columbus-Tupelo, Miss. (No.134)
WREX (NBC) – Rockford,Ill. (No. 137)
WTHI (CBS/fox) – Terre Haute, Ind.(No. 159)
WLFI (CBS) – West Lafayette, Ind.(No. 189)

the Shifting Landscape of Local Broadcast

This transaction underscores a pivotal moment for local television. While national cable and streaming services have gained prominence,local stations remain vital sources of information,notably during emergencies and for hyper-local news.Though, maintaining profitability in this environment requires scale and efficiency.

Gray Media, already a important player with stations and digital assets in 113 markets – including a leading Telemundo affiliate group with 44 markets – is positioning itself for long-term success through strategic acquisitions. The company boasts that 78 of its stations are top-rated,and 99 markets feature a first- or second-highest-rated station during 2024.AMG’s decision to sell reflects the financial challenges facing many broadcast groups.The company has recently implemented cost-cutting measures, including layoffs, and even experimented with centralized weather forecasting through The Weather Channel, a strategy that ultimately proved unsuccessful.

The deal’s completion will be closely watched by industry analysts as a bellwether for further consolidation and the evolving role of local broadcast television in the modern media ecosystem. The focus will now shift to how Gray Media integrates these new assets and leverages the potential for expanded local content and community engagement.

How might this acquisition impact the diversity of media voices in the local markets where these stations operate?

Gray Media Acquires 10 Local TV Stations from allen Media Group: Expanding Local Broadcasting Portfolio

Deal Details & Station Breakdown

Gray Television, Inc. announced on August 8,2025,a definitive agreement to acquire 10 television stations from Allen Media Group. This strategic move substantially expands Gray’s reach in key local markets, bolstering its position as a leading broadcaster in the United States. The transaction, valued at an undisclosed amount, is subject to regulatory approval and is expected to close in the third quarter of 2025.

Here’s a breakdown of the stations included in the acquisition:

KFMB (CBS/CW) – San Diego, CA

KTVN (CBS) – Reno, NV

KSEE (NBC) – Fresno, CA

KRON (MyNetworkTV) – San Francisco, CA

WPMI (NBC) – Mobile, AL

WJXX (ABC) – Jacksonville, FL

WTLV (NBC) – Jacksonville, FL

WPTA (ABC) – Fort Wayne, IN

WTVG (ABC) – Toledo, OH

WSBT (CBS) – South Bend, IN

These stations represent a diverse portfolio of network affiliations, including CBS, NBC, ABC, CW, and MyNetworkTV, providing Gray with increased programming diversity and audience reach. The acquisition strengthens Gray’s presence in California, Florida, and the Midwest.

Strategic Implications for Gray Television

This acquisition isn’t just about adding stations; it’s a calculated move to enhance Gray’s overall broadcasting strategy. Several key benefits are anticipated:

Increased Market Coverage: Gray Television now has a stronger foothold in several important Designated Market Areas (DMAs), allowing for greater advertising revenue potential.

Synergies & Cost Savings: Integrating these stations into Gray’s existing infrastructure is expected to generate operational efficiencies and cost synergies. This includes shared services in areas like news production, marketing, and technology.

Enhanced Local News Capabilities: Gray has consistently invested in local news programming. Adding these stations allows for expanded local coverage and investigative journalism, a key differentiator in the current media landscape. Local television news remains a vital source of facts for communities.

Digital Expansion: The acquired stations will contribute to Gray’s growing digital footprint, including their websites, streaming platforms, and social media channels. This is crucial for reaching younger audiences and diversifying revenue streams.

Political Advertising Revenue: With the 2026 midterm elections on the horizon, the expanded station portfolio positions Gray to capitalize on increased political advertising spending.

Focus on Core Business: Concentrate resources on its expanding entertainment and digital media ventures.

Reduce Debt: The proceeds from the sale can be used to pay down debt and fund future acquisitions in its core areas of focus.

Streamline Operations: Simplify its operational structure and improve overall efficiency.

Impact on the Local Broadcasting Landscape

The consolidation of media ownership continues to reshape the local broadcasting landscape. Gray’s acquisition of these stations from Allen Media Group is part of a broader trend of larger media companies acquiring smaller,independant stations.This raises questions about media diversity and the potential for reduced local programming.

However, Gray Television has a track record of investing in local news and community engagement. Their commitment to maintaining and enhancing local content could mitigate some of these concerns. The Federal Communications Commission (FCC) will likely scrutinize the deal to ensure it complies with regulations regarding media ownership and competition.

Gray’s Recent Acquisition History & Future Outlook

Gray Television has been an active acquirer in recent years.Notable past acquisitions include:

Raycom Media (2018): A significant deal that added 63 stations to Gray’s portfolio.

Quincy Media (2021): Further expanded Gray’s presence in the Midwest.

* Various smaller station groups: Demonstrating a consistent strategy of growth through acquisition.

Looking ahead, Gray Television is expected to continue pursuing strategic acquisitions that align with its long-term growth objectives. The company is also