Native TV station powerhouse Grey Media introduced that it’s going to buy 10 tv stations from Allen Media Group for $171 million. AMG, which is promoting its stations because it appears to cut back its debt load, is owned by media mogul Byron Allen.
With the acquisition of the stations, which vary from No. 75 to 189 in DMA (designated market space) dimension, Grey Media will enter three new markets: Columbus-Tupelo, Miss.; Terre Haute, Ind.; and West Lafayette, Ind. The remaining markets will see the creation of duopolies, which Grey Media says will present deeper “public service to their communities with expanded native information, native climate, and native sports activities programming.”
Grey Media owns tv stations and digital belongings in 113 markets, with 78 of them being top-rated tv stations and 99 markets with the first- and/or second-highest-rated tv station throughout 2024, in addition to the most important Telemundo affiliate group with 44 markets.
Stations being bought to Grey Media, and their respective DMA sizes, are: No. 75 WAAY (ABC) in Huntsville, Ala.; No. 90 WSIL (ABC) in Paducah, Ky., Cape Girardeau, Mo., and Harrisburg, Sick.; No. 109 WEVV (CBS/Fox) in Evansville, Ind.; No. 110 WFFT (Fox) in Ft. Wayne, Ind.; No. 121 WCOV (Fox) in Montgomery, Ala.; No. 124 KADN (Fox/NBC) in Lafayette, La.; No. 134 WTVA (ABC/NBC) in Columbus-Tupelo, Miss.; No. 137 WREX (NBC) in Rockford, Sick.; No. 159 WTHI (CBS/Fox) in Terre Haute, Ind.; and No. 189 WLFI (CBS) in West Lafayette, Ind.
In the meantime, AMG in June engaged funding financial institution Moelis & Co. to assist promote its native TV station portfolio, which incorporates 28 ABC, NBC, CBS, and Fox affiliated stations throughout 21 markets.
Moelis will work as a monetary advisor evaluating “numerous monetary and strategic alternate options to place AMG for future success and to maximise the worth of its belongings.”
AMG has needed to bear cuts over the previous 12 months. At one level, it tried hubbing its native climate forecasts by its owned community, The Climate Channel.
Grey Media and AMG count on the deal to shut within the fourth quarter of this 12 months.
