Byron Allen Sells 10 TV Stations to Atlanta Media Firm in $171M Deal

Atlanta-based Gray Media, Inc., has announced the acquisition of 10 television stations from Byron Allen’s media group for $171 million. 

The transaction would bring Gray into three new markets – Columbus-Tupelo, Mississippi; Terre Haute, Indiana; and West Lafayette, Indiana.

The multimedia firm expects the transaction to strengthen its presence in seven other markets by creating new duopolies. This will enhance public service to communities through expanded local news, weather, and sports programming.

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Allen Media Group’s Strategy to Pay Its Debt

Earlier in June 2025, Byron Allen announced that his media firm, Allen Media Group (AMG), needed to pay its debt, so it was selling its local television stations. Moelis & Co. was in charge of managing the deal. 

Over the past six years, AMG has invested over $1 billion in acquiring stations with the hopes of becoming the largest independent television operator in the United States. 

Its portfolio includes 28 stations affiliated with ABC, CBS, Fox, NBC, The Grio, the streaming service Local Now, and 10 24-hour HD television networks such as HBCU GO and JusticeCentral.TV, Pets.TV, and Cars.TV operating in 21 US markets.

“We have received numerous inquiries and written offers for most of our television stations, and now is the time to explore getting a return on this phenomenal investment,” Allen, chairman and chief executive, said. 

The deal is expected to close in the fourth quarter of 2025, pending regulatory approval, Federal Communications Commission (FCC) ownership waivers, and other standard conditions, according to Gray.

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Reversing a Layoff Plan

Also in January 2025, the multimedia firm announced that it would end weather forecasting operations across its local television stations, following widespread outrage from viewers.

Originally, AMG planned to replace its weather forecasting operations with streamlined operations to reduce costs. The cuts could have led to the termination of nearly 100 local forecasters across 36 outlets. 

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However, after announcing the move, it faced severe backlash from the people served by AMG stations and has reversed the decision. The company also refinanced its $100 million revolving credit facility in February 2025 to extend debt maturities and support ongoing operations.

At CES 2024 (Jan. 9–12, 2025), Allen explained his continued commitment to linear television despite the success of its streaming competitors. “I can run them better just like I’m breathing right now,” Allen said, according to AFROTECH. “Right now, a lot of these legacy assets are overspending tremendously, and there’s an enormous waste in our industry.”