Media mogul Byron Allen just cashed out big, finalizing a $171 million deal to sell 10 of his local television stations to Gray Media. Both companies confirmed the agreement, which is pending FCC and standard regulatory approval, with the closing projected for later this year.
This move will stretch Gray’s broadcast presence into three fresh territories including Columbus Tupelo in Mississippi, Terre Haute in Indiana, and West Lafayette in Indiana. It will also deepen their influence in seven current markets. Gray says the buy will create new duopolies, which means more local news, weather updates, and sports coverage for these communities.
The stations changing hands include WAAY (ABC) in Huntsville, Alabama; WSIL (ABC) in the Paducah Cape Girardeau Harrisburg region; 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 plans to wrap the purchase before the year ends, provided regulators greenlight the transaction and certain FCC ownership rule waivers come through. The move aligns with Gray’s mission to broaden its market footprint, expand programming options, and amplify ad revenue opportunities.
For Allen, this deal is just the opening play in a bigger game plan to offload part of his station lineup. Back in June, he tapped investment bank Moelis & Co. to field offers for 28 network affiliate stations in mid-size and smaller U.S. markets. The Gray Media deal is the first chapter in that wider sell-off strategy.