Gray Media has announced the acquisition of 10 television stations from Byron Allen’s Allen Media Group.
The company stated that the transaction to acquire the stations was for $171 million. With the recent acquisitions, Gray Media is entering three new markets: Columbus-Tupelo, Mississippi; Terre Haute, Indiana; and West Lafayette, Indiana. This will also allow Gray Media to strengthen its service to viewers in the seven other markets.
The television stations
to be sold are: Huntsville, AL, WAAY (ABC); Paducah, KY-Cape Girardeau, MO-Harrisburg-Mt. Vernon, IL, WSIL (ABC); Evansville, IN, WEVV (CBS/FOX); Ft. Wayne, IN, WFFT (FOX); Montgomery, AL, WCOV (FOX); Lafayette, LA, KADN (FOX/NBC); Columbus-Tupelo, MS, WTVA (ABC/NBC); Rockford, IL, WREX (NBC); Terre Haute, IN, WTHI (CBS/FOX); West Lafayette, IN, WLFI (CBS).The transaction between the two companies sis expected to be completed by the end of the year.
This transaction takes place two months after Allen settled
a $10 billion lawsuit against fast-food retailer McDonald’s. The parties did not disclose the amount for which the suit was settled. The two companies came to an agreement before the scheduled trial. The entrepreneur sued the corporation over the company’s alleged refusal to advertise with Black-owned companies.Allen released a statement about the agreement between the two corporations.
“We are pleased to find a resolution that maintains
our business relationship,” Allen said in a written statement. “During the course of this litigation, many of our preconceptions have been clarified, and we acknowledge McDonald’s commitment to investing in Black-owned media properties and increasing access to opportunity. Our differences are behind us, and we look forward to working together.”Three years ago, the entrepreneur placed a $10 billion bid to acquire Disney’s ABC Network, according to Bloomberg. The deal did not go through. However, less than two years ago, Allen also put in a bid
to bring the BET Network back under Black ownership, but the parent company, Paramount, decided not to sell BET to anyone.RELATED CONTENT: For Sale: Byron Allen Puts Investment Bank In Charge Of Selling Television Stations