Gray Media will acquire nearly a dozen local television stations from Allen Media Group, the companies announced on Friday.
The deal will see Gray Media plunk down $171 million for stations primarily in the Midwest and southern United States, including outlets in Indiana, Alabama, Louisiana and Mississippi.
The stations covered by the deal are:
- KADN (Channel 15, Fox & NBC) – Lafayette, Louisiana
- WCOV (Channel 20, Fox) – Montgomery, Alabama
- WAAY (Channel 31, ABC) – Huntsville, Alabama
- WFFT (Channel 55, Fox) – Fort Wayne, Indiana
- WEVV (Channel 44, CBS & Fox) – Evansville, Indiana
- WREX (Channel 13, NBC) – Rockford, Illinois
- WTHI (Channel 10, CBS & Fox) – Terre Haute, Illinois
- WSIL (Channel 3, ABC) – Harrisburg, Illinois
- WTVA (Channel 9, ABC & NBC) – Columbus, Mississippi
- WLFI (Channel 18, CBS) – West Lafayette, Indiana
Gray Media said it expects the deal to close in the fourth quarter (Q4) of the year, subject to certain regulatory approvals. That includes seeking waivers of the Federal Communications Commissions’s (FCC) ownership rules in markets where Gray Media already owns one or more stations. Gray Media owns or operates more than 180 local TV stations across 113 regional markets.
The deal is the second such transaction involving Gray Media this month. On August 1, the company said it would acquire all of Block Communications’ local TV stations, most of which are in the Midwest. That deal is valued at $80 million.
Allen Media first revealed its intention to sell off its local TV station portfolio in June. The broadcaster intends to use the proceeds from those sales to pay down its debt. Multicast News, a sister publication to The Desk, was the first to report Allen Media’s intentions.
“Six years ago, Allen Media Group began the process of investing over one billion dollars to acquire big four network-affiliated television stations,” Allen said in a statement at the time. “We have received numerous inquiries and written offers for most of our television stations, and now is the time to explore getting a return on this phenomenal investment.”
