ATLANTA—Gray Media, Inc. has announced that it has concluded a deal with American Spirit Media, LLC (“American Spirit”) to acquire its six television stations for $50 million.
The deal builds on longstanding relationships between Gray and the stations. For more than a decade, Gray (and its predecessor company, Raycom Media) provided back-office services to five of these stations as well as local news to four of these stations.
The American Spirit being acquired are:
- DMA 81, Toledo, Ohio, WUPW (Fox)
- DMA 100, Jackson, Miss., WDBD (Fox)
- DMA 125, Wilmington, N.C., WSFX-TV (Fox)
- DMA 126, Columbus, Ga., WXTX (Fox)
- DMA 149, Wichita Falls, Texas, KAUZ-TV (CBS)
- DMA 176, Lake Charles, La., KVHP (Fox)
Gray also announced that the parties completed the first of two closings of the transaction with Gray paying $40 million to American Spirit and commencing a limited local management agreement for the stations. The consideration for the first of the two closings was funded with a portion of the proceeds of a private placement of $70 million of aggregate principal amount of the Company’s 7.250% Senior Secured First Lien Notes due 2033, which was completed on June 30, 2026.
As of May 15, 2026, prior to the deal, Gray owned 117 full-power television markets that collectively reach approximately 37% of US television households.
