Gray Media acquires ABC-Fox-CBS-NBC affiliate stations on 10 markets belonging to the Allen Media group in Byron Allen for $ 171 million.
The stations of the agreement include the Waay of ABC in Huntsville, in Alabama and Wsil in Paducah-Cape Girardeau-Harrisburg; Wevv from CBS / Fox to Evansville, Indiana and Wthi on High Terk, Indiana; Fox’s WFFT in Fort Wayne, Indiana and WCOV in Montgomery Alabama; Kadn de Fox / NBC in Lafayette, Louisiana; WTVA from ABC / NBC to Columbus-Tupelo, Mississippi; Wrex of NBC; and WLFI from CBS to West Lafayette, Indiana.
The agreement should conclude in the fourth quarter of 2025, pending regulatory approval, including certain derogations from the local property of the FCC and other usual closing conditions. Moelis & Company LLC acted as an exclusive financial advisor to Allen Media Group in the transaction.
The agreement brings gray media to three new markets – Columbus -Tupelo, Mississippi; High earth, Indiana; And West Lafayette, Indiana. Gray also expects him to strengthen his presence on seven other markets by creating new duopolies to “preserve and deepen public services to their communities with expanded local news, local weather and local sports program”.
This decision comes after Allen Media Group hired Moulis for the first time to explore financial and strategic alternatives, including a potential sale of its 28 ABC-NBC-CBS-Fox-Fox-CBS TV stations owned and operated in 21 US markets in June.
At the time, Allen said that the company had received “many surveys and written offers for most of our television stations” and that they would use any sales product to considerably reduce business debt by around 1.5 billion dollars. A person familiar with the case previously declared to Thewrap that the Allen Media Group’s television portfolio represented around 35% of their income.
More to come …
