Gray Media, Inc. and Allen Media Group, Inc. have finalized the acquisition of 10 television stations across 10 markets in a deal valued at $171 million plus working capital adjustments. The transaction, originally announced in August 2025, reached completion with the transfer of licenses and operations.
Gray Media acquired stations in three new markets on March 26, 2026, and completed the purchase of stations in the remaining seven overlap markets on May 2, 2026. The move expands Gray Media’s portfolio while allowing Allen Media Group to adjust its holdings amid broader industry shifts.
The stations involved include a mix of network affiliates that serve communities in the South, Midwest, and other regions. In the new markets for Gray, the acquired properties are WTVA (ABC/NBC) in Columbus-Tupelo, Mississippi; WTHI (CBS/FOX) in Terre Haute, Indiana; and WLFI (CBS) in West Lafayette, Indiana. These additions mark Gray’s entry into those designated market areas, where the stations held strong ratings positions in prior years.
In the seven overlap markets, Gray gains stations that create or enhance duopolies. These include WAAY (ABC) in Huntsville, Alabama; WSIL (ABC) in Paducah-Cape Girardeau-Harrisburg; WEVV (CBS/FOX) in Evansville, Indiana; WFFT (FOX) in Fort Wayne, Indiana; WCOV (FOX) in Montgomery, Alabama; KADN (FOX/NBC) in Lafayette, Louisiana; and WREX (NBC) in Rockford, Illinois. The combined operations are expected to support expanded local programming, including news, weather, and sports coverage tailored to each community.
Gray Media, headquartered in Atlanta, operates one of the largest portfolios of local television stations in the United States, reaching a significant portion of television households nationwide. The company has focused on strengthening its presence in mid-sized and smaller markets through strategic acquisitions. This transaction aligns with that approach by integrating established affiliates with complementary network affiliations.
Allen Media Group, founded by Byron Allen and based in Los Angeles, has maintained a diverse media portfolio that includes broadcast stations and national cable networks. The sale of these 10 stations represents a step in streamlining operations while retaining other assets in broadcasting and digital content distribution. Industry observers note that such deals reflect ongoing consolidation trends in local television, driven by economic pressures, regulatory considerations, and the need for operational efficiencies.
The deal required approvals from the Federal Communications Commission, including waivers related to local ownership rules in certain markets. Regulatory clearance was granted in March 2026, paving the way for the phased closings. Financial terms include the base price of $171 million, subject to adjustments based on working capital at closing. Moelis & Company served as financial adviser to Allen Media Group in the process.
This acquisition is anticipated to enhance Gray Media’s competitive position by allowing shared resources across duopolies, such as consolidated newsrooms and technical operations. Viewers in the affected markets may see continued or increased investment in local content, as broadcasters adapt to changing audience habits that include digital and over-the-air delivery. Local television remains a primary source of news and emergency information for many communities, particularly in regions served by these stations.
Broader context in the media industry includes challenges such as fluctuating advertising revenues, competition from streaming platforms, and the costs of transitioning to newer broadcast standards. Transactions like this one contribute to the evolution of station groups, enabling larger entities to achieve economies of scale while smaller or independent operators reassess their strategies. Gray Media’s expanded footprint now covers additional markets with a focus on maintaining service levels for audiences reliant on traditional broadcast signals.
Station employees and operations are expected to transition smoothly under the new ownership, with continuity in programming and community engagement emphasized during the handover period. The completion of the deal on May 2 marks the full integration of the assets into Gray Media’s portfolio, which already spans numerous states and network affiliations.
Overall, the transaction underscores the dynamic nature of the local broadcasting sector, where companies continue to refine their holdings to meet market demands and regulatory frameworks. Both parties have described the closing as a positive outcome that supports long-term sustainability in their respective operations. As media consumption patterns evolve, such consolidations are likely to shape the landscape for local television in the coming years.
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