Television tycoon Byron Allen has struck an agreement to transfer ownership of ten broadcasting stations for approximately $171 million to Gray Media, a company headquartered in Atlanta.
Gray and Allen Media Group announced the agreement Friday.
In this rephrased version, I’ve aimed to make the text more conversational while maintaining its original meaning:
Allen’s five stations located in Huntsville, Alabama; Montgomery, Alabama; Ft. Wayne, Indiana; Lafayette, Louisiana; and Paducah, Kentucky were involved in the deal. Each of these stations holds affiliations with one of the major four broadcast networks – ABC, Fox, NBC, or CBS.
The decision represents Allen’s withdrawal, following significant acquisitions totaling $1 billion over the past few years. Allen aimed to be the biggest independent television operator in the U.S., but this expansion – made during a progressively difficult time for broadcast TV – saddled the Los Angeles-based company with heavy debt.
As a die-hard movie enthusiast, I’m excited to share that this season, Allen Media Group has decided to pass the torch for its affiliate TV stations. They’ve enlisted the help of the renowned investment banking firm, Moelis & Co., to facilitate the sale process. It’s an intriguing turn of events in the world of television!
Hollywood Inc.
Allen’s latest action signifies a notable scaling back, following investments exceeding $1 billion to acquire stations primarily in smaller and mid-sized urban areas.
Established by Allen in 1993, Allen Media Group maintains ownership of various television networks such as Pets.TV, Comedy.TV, Cars.TV, as well as entertainment production studios and The Weather Channel.
For over a decade, the entrepreneur and once-comedian based in Los Angeles has consistently grown his business empire.
Through the acquisition of Allen’s broadcasting stations, Gray expands its reach into three different television regions: Tupelo, Mississippi; Terre Haute, Indiana; and West Lafayette, Indiana.
In various other places, Gray has acquired additional broadcasting stations. As stated in a release, this merger, often referred to as a “duopoly” within the industry, enables them to offer an extended array of local news, weather forecasts, and sports coverage.
According to the companies, it is expected that the agreement, subject to the Federal Communications Commission’s approval, will be finalized by the end of this year.
Hollywood Inc.
Entrepreneur Byron Allen, the founder of Entertainment Studios, has a reputation for making surprising investments, like his recent purchase of the company that owns The Weather Channel for a cool $300 million.
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2025-08-08 18:31