AMG is looking to sell its local TV stations as it works to reduce its debt load.
Local TV station powerhouse Gray Media announced that it will purchase 10 television stations from Allen Media Group for $171 million. AMG, which is selling its stations as it looks to reduce its debt load, is owned by media mogul Byron Allen.
With the purchase of the stations, which range from No. 75 to 189 in DMA (designated market area) size, Gray Media will enter three new markets: Columbus-Tupelo, Miss.; Terre Haute, Ind.; and West Lafayette, Ind. The remaining markets will see the creation of duopolies, which Gray Media says will provide deeper “public service to their communities with expanded local news, local weather, and local sports programming.
