Gray Media To Acquire Allen Media Group TV Stations In $171 Mln Deal; Stock Plunges In Pre-market

(RTTNews) - Gray Media, Inc. (GTN), a television broadcasting company, on Friday announced that it has reached an agreement with a media production and distribution company, Byron Allen's Allen Media Group, Inc., to acquire its television stations in ten markets for $171 million.

The company expects to complete the transaction in the fourth quarter of the year.

According to Comscore, the deal would expand Gray into three new markets in Columbus-Tupelo in Mississippi, Terre Haute and West Lafayette in Indiana, through acquiring the local TV station in each market in 2024.

In the pre-market trading, Gray Media is 3.62% lesser at $3.9900 on the New York Stock Exchange.