Gray TV Divests Stations to Allen Media for $380M

Gray Television
(Image credit: Gray Television)

ATLANTA—Gray Television and Byron Allen’s Allen Media Broadcasting have struck a deal for a group of TV stations at a price tag of $380 million. The stations, owned by Quincy Media and representing seven markets, are being divested by Gray TV as part of its acquisition of Quincy Media.

In February, Gray TV acquired Quincy Media for $925 million. To get regulatory approval for the deal, Gray agreed to sell Quincy-owned stations in markets where Gray TV already operates.

The stations being acquired by Allen Media Broadcasting are KVOA (NBC) in Tucson, Ariz.; WKOW (ABC) in Madison, Wis.; WSIL/KPOB (ABC) in Paducah, Ky.-Harrisburg, Ill.; KWWL (NBC) in Cedar Rapids, Iowa; WXOW/WQOW (ABC) in La Crosse-Eau Claire, Wis.; WAOW/WMOW (ABC) in Wausau-Rhinelander, Wis.; and WREX (NBC) in Rockford, Ill.

Gray’s acquisition of Quincy and the sale of the stations to Allen Media Broadcasting will close simultaneously, which Gray expects to happen in the third quarter of 2021.

For Allen Media Broadcasting, this acquisition is part of a larger strategy that has the company planning to invest nearly $10 billion to acquire more ABC, CBS, NBC and Fox TV stations over the next two years, per Byron Allen. He says the goal is to become the largest broadcast television group in America.

These stations, along with all of Allen Media Broadcasting’s media assets, are set to be part of its recently launched streaming service, Local Now