Atlanta, GA – Gray Television, Inc. (“Gray”) (NYSE: GTN) reached an agreement to divest certain television stations currently owned by Quincy Media, Inc. (“Quincy”) to Byron Allen’s Allen Media Broadcasting, LLC (“Allen Media”) for $380 million dollars in cash. Allen Media, which owns and operates local television stations in twelve markets, also owns 12 networks including The Weather Channel and the free-streaming service Local Now. Allen Media Group was founded by Byron Allen in 1993.
The KVOA Station at 209 West Elm Street in Tucson recorded at $8,264,869.
Earlier this year, Gray reached an agreement to acquire Quincy for $925 million in cash. To facilitate regulatory approvals for this transaction, Gray agreed to sell to Allen Media the following
television stations currently owned by Quincy, each of which operates in a market in which Gray also owns and operates a television station:
- KVOA (NBC), Tucson, Arizona (Nielsen DMA Rank 64)
- WKOW (ABC), Madison, Wisconsin (DMA 81)
- WSIL / KPOB (ABC), Paducah, Kentucky- Harrisburg, Illinois (DMA 84)
- KWWL (NBC), Cedar Rapids, Iowa (DMA 92)
- WXOW / WQOW (ABC), La Crosse-Eau Claire, Wisconsin (DMA 129)
- WAOW / WMOW (ABC), Wausau-Rhinelander, Wisconsin (DMA 136)
- WREX (NBC), Rockford, Illinois (DMA 139)
Gray’s acquisition of Quincy sale and the foregoing Quincy stations to Allen Media closed simultaneously. As such, at no time did Gray own, control or operate any of the
divestiture television stations. Gray closed these transactions following receipt of regulatory and other approvals in August 2021.
“I truly appreciate Gray and Quincy, two of the best broadcast groups in the business, working with us to acquire and transfer these amazing assets. Over the past year-and-a-half, we've invested close to $1 billion to acquire best-in-class, top-tier, broadcast network affiliates,” said Byron Allen, Founder/Chairman/CEO of Allen Media Group. “We plan to invest approximately ten billion dollars to acquire more ABC, CBS, NBC, and FOX television stations over the next two years with the goal of being the largest broadcast television group in America. All of our media assets, including these broadcast television stations, will work in concert to amplify our free-streaming service, Local Now.”
“We are thrilled to facilitate the transfer of these fine Quincy television stations to Byron Allen and Allen Media Group, who we are confident will continue the strong commitments to journalism and localism that have distinguished these stations under Quincy’s outstanding stewardship,” said Gray’s Executive Chairman and CEO Hilton H. Howell.