Gray Media has announced a deal to purchase 10 television stations from Byron Allen’s Allen Media Group in a transaction valued at $171 million.
The acquisition expands Gray Media’s footprint into three new markets, Columbus-Tupelo, Mississippi; Terre Haute, Indiana; and West Lafayette, Indiana, while strengthening its presence in seven existing markets.
The stations included in the deal are:
- WAAY (ABC), Huntsville, AL
- WSIL (ABC), Paducah, KY–Cape Girardeau, MO–Harrisburg–Mt. Vernon, IL
- WEVV (CBS/FOX), Evansville, IN
- WFFT (FOX), Fort Wayne, IN
- WCOV (FOX), Montgomery, AL
- KADN (FOX/NBC), Lafayette, LA
- WTVA (ABC/NBC), Columbus-Tupelo, MS
- WREX (NBC), Rockford, IL
- WTHI (CBS/FOX), Terre Haute, IN
- WLFI (CBS), West Lafayette, IN
The companies expect to close the transaction by the end of the year.
Part of a Larger Business Landscape for Byron Allen
The sale comes just two months after Allen reached a confidential settlement with McDonald’s, resolving a $10 billion lawsuit over the fast-food giant’s alleged refusal to advertise with Black-owned media outlets. In a statement, Allen expressed optimism about the renewed partnership:
“We are pleased to find a resolution that maintains our business relationship,” Allen said. “During the course of this litigation, many of our preconceptions have been clarified, and we acknowledge McDonald’s commitment to investing in Black-owned media properties and increasing access to opportunity. Our differences are behind us, and we look forward to working together.”
Allen has made high-profile acquisition attempts in recent years. In 2021, he placed a $10 billion bid to acquire Disney’s ABC Network, though the deal did not materialize. In 2023, he also pursued ownership of BET, but Paramount opted not to sell the network..