Gray Media Expands With $171M Allen TV Deal

Byron Allen's Allen Media Group has agreed to sell 10 local television stations, including ABC, NBC, CBS, and Fox affiliates in the South and Midwest, to Gray Media for $171 million. The transaction, expected to close in the fourth quarter pending FCC approvals, will bring Gray into three new markets and create duopolies in seven others. This deal comes as Allen Media Group retrenches amid industry-wide declines in ad spending and rising interest rates, resulting in layoffs and cost-cutting. In June, Allen Media Group put 28 stations up for sale, signaling more possible future transactions. Gray Media, which recently acquired Block Communications' stations, will further expand its reach, already covering 37% of U.S. TV households. Despite these sales, Allen is continuing new projects, including the syndicated CBS comedy 'Comics Unleashed.'