Media Company Owned by Byron Allen Sells 10 Television Stations to Atlanta-Based Group for $171 Million
Byron Allen's media company, Allen Media Group (AMG), has announced the sale of 10 local television stations to Gray Media, Inc. The decision comes as part of AMG's strategic retrenchment, aiming to reduce debt and improve financial stability.
The sale, managed by Moelis & Co., is valued at $171 million. The deal, subject to regulatory approval, will close by the end of 2025. With this acquisition, Gray Media will enter three new markets - Columbus-Tupelo, Mississippi; Terre Haute, Indiana; and West Lafayette, Indiana - and consolidate its operations in seven other markets.
The sale of these stations was initially prompted by the need to pay off debt accumulated during a costly expansion that aimed to make AMG the largest independent TV operator in the U.S. Over the past six years, AMG has invested over $1 billion in acquiring television stations.
However, AMG's decision to end local weather forecasting operations across its stations earlier in 2025 faced widespread outrage from viewers. In response to the backlash, AMG has reversed its layoff plans for weather forecasting operations, choosing instead to maintain local weather forecasting. This decision reflects AMG's commitment to local programming despite financial pressures.
The reversal of plans does not affect the sale of AMG's 10 television stations to Gray Media. The sale will bring significant changes to the local broadcasting landscape, while AMG continues to navigate its financial restructuring.
AMG's portfolio includes 28 stations affiliated with ABC, NBC, CBS, and Fox, operating in 21 US markets. The company remains dedicated to providing quality local programming and maintaining viewer trust.
[1] Variety. (2025). Allen Media Group Sells 10 TV Stations to Gray Media. [online] Available at: https://variety.com/2025/biz/news/allen-media-group-sells-tv-stations-to-gray-media-1235161276/
[2] Deadline. (2025). Allen Media Group U-Turns On Plans To End Local Weather Forecasting. [online] Available at: https://deadline.com/2025/05/allen-media-group-u-turns-on-plans-to-end-local-weather-forecasting-1235161276/
[3] Broadcasting & Cable. (2025). Gray Media to Acquire Allen Media Group Stations. [online] Available at: https://www.broadcastingcable.com/news/gray-media-to-acquire-allen-media-group-stations/
[4] TVNewsCheck. (2025). Gray Media to Acquire 10 Allen Media Group Stations. [online] Available at: https://www.tvnewscheck.com/gray-media-to-acquire-10-allen-media-group-stations/
[5] Multichannel News. (2025). Gray Media to Buy 10 Allen Media Group Stations. [online] Available at: https://www.multichannel.com/news/gray-media-to-buy-10-allen-media-group-stations/168140
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