Gray sells divestiture stations from Quincy Media transaction to Allen Media for $380M
(Gray News) - Gray Television, Inc. reached an agreement Thursday to divest certain television stations currently owned by Quincy Media, Inc. to Byron Allen’s Allen Media Broadcasting, LLC for $380 million 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.
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 and Gray’s sale of the foregoing Quincy stations to Allen Media will close simultaneously. As such, at no time will Gray own, control or operate any of the divestiture television stations.
Gray expects to close these transactions following receipt of regulatory and other approvals in the third quarter of 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.
Copyright 2021 Gray Media Group, Inc. All rights reserved.