Byron Allen’s Allen Media Group has reached a deal to sell 10 local television stations to Gray Media for $171 million, the companies announced today. The agreement, which is subject to FCC and other customary approvals, is expected to close in the fourth quarter.
The sale will expand Gray’s broadcast footprint into three new markets — Columbus–Tupelo, Mississippi; Terre Haute, Indiana; and West Lafayette, Indiana — while also strengthening its presence in seven existing regions. Gray said the acquisition will create new duopolies that allow for expanded local news, weather, and sports coverage in those communities.
The stations involved in the deal include WAAY (ABC) in Huntsville, Alabama; WSIL (ABC) in the Paducah–Cape Girardeau–Harrisburg market; WEVV (CBS/FOX) in Evansville, Indiana; WFFT (FOX) in Fort Wayne, Indiana; WCOV (FOX) in Montgomery, Alabama; KADN (FOX/NBC) in Lafayette, Louisiana; WTVA (ABC/NBC) in Columbus–Tupelo, Mississippi; WREX (NBC) in Rockford, Illinois; WTHI (CBS/FOX) in Terre Haute, Indiana; and WLFI (CBS) in West Lafayette, Indiana.
Gray expects the deal to close by year’s end, pending regulatory clearance and certain FCC ownership rule waivers. The acquisition is part of Gray’s strategy to increase market reach and diversify its programming portfolio, while boosting advertising capabilities.
For Allen, the move marks the first significant step in a broader plan to sell a portion of his station portfolio. In June, he hired investment bank Moelis & Co. to explore offers for 28 network-affiliate stations in mid-sized and smaller markets across the U.S. The 10 stations sold to Gray represent the opening chapter in that divestment process.
Allen launched his media career more than three decades ago with a single syndicated talk show he hosted. His company has since grown into a multi-platform operation that includes the Weather Channel, multiple lifestyle networks, and digital properties such as The Grio and HBCU Go.
The transaction reflects ongoing consolidation trends in the broadcast television sector, where scale has become essential to compete with streaming and digital outlets. For Gray, the deal offers strategic leverage; for Allen, it provides an opportunity to concentrate on core holdings and pursue new ventures in content creation and distribution.
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