Media mogul Byron Allen has sold 10 television stations to Atlanta-based Gray Media for $171 million. The deal includes stations in Alabama, Indiana, Louisiana, and Kentucky that air networks such as ABC, Fox, NBC, and CBS. This sale marks a significant step back for Allen Media Group, which had spent over $1 billion acquiring smaller market TV stations.
Allen’s company was struggling with debt after expanding rapidly in recent years. To address this, they hired investment banking firm Moelis & Co. to sell their network-affiliate TV stations. The sale will give Gray Media access to three new markets: Tupelo, Miss.; Terre Haute, Ind.; and West Lafayette, Ind.
Gray owns a second station in several of these locations, allowing them to create a “duopoly” that can provide expanded local news, weather, and sports programming. The deal must be approved by the Federal Communications Commission and is expected to be completed by year’s end.
The sale marks another strategic move for Allen, who has made surprise bets in the past, such as buying the Weather Channel’s parent company for $300 million.
Source: https://www.latimes.com/entertainment-arts/business/story/2025-08-08/la-fi-byron-allen-tv-stations