Gray Media and Byron Allen’s Allen Media Group Closed Station Transactions

Rhea-AI Summary

Gray Media (NYSE: GTN) and Allen Media Group closed two previously announced station transactions for a combined purchase price of $171 million plus working capital adjustments.

Gray acquired stations in three new markets for Gray on March 26, 2026 and acquired stations in seven overlap markets on May 1, 2026.

Positive

• Closed transactions for a combined purchase price of $171 million
• Three new markets added to Gray's station portfolio on March 26, 2026
• Seven overlap markets acquired on May 1, 2026

Negative

• Final consideration is subject to working capital adjustments

News Market Reaction – GTN

-2.12%

-2.12% Session close to close

In the May 4 session, GTN declined 2.12%, reflecting a moderate negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement confirms the closing of previously announced station transactions between Gray Med...

Analysis

This announcement confirms the closing of previously announced station transactions between Gray Media and Allen Media Group for $171 million plus working capital adjustments, adding stations in ten markets. It fits alongside Gray’s recent initiatives in streaming, sports content, and leadership appointments. Investors may focus on how these new markets affect audience reach, advertising potential, and integration with Gray’s AI-enabled digital platform, as well as any future financial disclosure on returns from the acquired assets.

Key Figures

Purchase price: $171 million Markets served: 117 full-power markets US TV household reach: Approximately 37% +5 more

8 metrics

Purchase price $171 million Total purchase price for closed station transactions plus working capital adjustments

Markets served 117 full-power markets Gray Media local television markets served across the U.S.

US TV household reach Approximately 37% Share of US television households reached by Gray Media stations

Top-rated station markets 80 markets Markets where Gray owns the top-rated television station

Top 1st/2nd rated markets 100 markets Markets with first and/or second highest rated station in 2025 Nielsen data

Telemundo affiliate markets 47 markets Largest Telemundo affiliate group owned by Gray Media

Allen affiliate stations 28 stations ABC-NBC-CBS-FOX network affiliate stations owned/operated by Allen Media Group

Content library size Over 7,000 hours Owned video content library across multiple genres at Allen Media Group

Historical Context

5 past events · Latest: Apr 16 (Positive)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Apr 16	Streaming platform launch	Positive	+0.9%	AI-powered streaming rollout across 113 legacy TV markets and channels.
Apr 08	Leadership appointment	Positive	+1.2%	Named new General Manager for WTHI, adding experienced local leadership.
Apr 07	Earnings date set	Neutral	+1.2%	Announced timing and access details for upcoming Q1 earnings release and call.
Mar 27	Sports simulcast deal	Positive	-1.3%	Multi-year Braves simulcast agreement across 24 markets in six states.
Mar 20	Home opener simulcast	Positive	+3.2%	Planned simulcast of Braves 2026 home opener on BravesVision and Gray stations.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Recent corporate and partnership news has generally seen modestly positive price reactions, with one divergence on a Braves simulcast announcement.

Recent Company History

Over the last few months, Gray Media has highlighted several strategic initiatives. On Mar 20 and Mar 27, it announced multi-year simulcast agreements with the Atlanta Braves, with mixed next-day price reactions. An earnings call date was set on Apr 7 and a management appointment at WTHI followed on Apr 8, both with small gains. On Apr 16, Gray rolled out a Google Cloud AI–powered streaming platform across 113 markets, again with a modest positive move.

Key Terms

avod

1 terms

avod technical

"LOCAL NOW--the free-streaming AVOD service, which delivers real-time, hyper-local news..."

AVOD stands for ad-supported video-on-demand, a streaming business model where viewers watch shows or movies for free or low cost while ads play during the content. For investors it matters because this model trades higher audience reach and faster user growth for lower revenue per viewer and greater dependence on advertising rates and ad-selling performance, much like a free newspaper that earns money from ads rather than subscriptions.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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ATLANTA, May 01, 2026 (GLOBE NEWSWIRE) -- Gray Media, Inc. and Byron Allen’s Allen Media Group, Inc. announced today that the parties have closed on both of their previously announced transactions for a total purchase price of $171 million plus working capital adjustments. In particular, Gray acquired stations located in three new markets for Gray on March 26, 2026, and Gray acquired stations in the remaining seven overlap markets today.

About Gray Media:

Gray Media, Inc. (NYSE: GTN) is a multimedia company headquartered in Atlanta, Georgia. We are the nation’s largest owner of top-rated local television stations and digital assets serving 117 full-power television markets that collectively reach approximately 37% of US television households. The portfolio includes 80 markets with the top-rated television station and 100 markets with the first and/or second highest rated television station in average all-day ratings across the 116 of such markets that were measured by Nielsen in 2025. We also own the largest Telemundo Affiliate group with 47 markets and Gray Digital Media, a full-service digital agency offering national and local clients digital marketing strategies with the most advanced digital products and services. Our additional media properties include video production companies Raycom Sports, Tupelo Media Group, and PowerNation Studios, and studio production facilities Assembly Atlanta and Third Rail Studios. For more information, please visit www.graymedia.com.

About Allen Media Group:

Chairman and CEO Byron Allen founded Allen Media Group in 1993. Headquartered in Los Angeles, it has offices in New York and Atlanta. Allen Media Group owns/operates 28 ABC-NBC-CBS-FOX network affiliate broadcast television stations in 21 U.S. markets and ten 24-hour HD television networks serving nearly 300 million subscribers: THE WEATHER CHANNEL, PETS.TV, COMEDY.TV, RECIPE.TV, CARS.TV, ES.TV, MYDESTINATION.TV, JUSTICECENTRAL.TV, THEGRIO TELEVISION NETWORK, and HBCU GO. Allen Media Group also owns the digital streaming platforms HBCU GO, SPORTS.TV, THEGRIO, THE WEATHER CHANNEL STREAMING APP, and LOCAL NOW--the free-streaming AVOD service, which delivers real-time, hyper-local news, weather, traffic, sports, and lifestyle information. Allen Media Group also produces, distributes, and sells advertising for 74 television programs, making it one of the largest independent producers/distributors of first-run syndicated television programming for broadcast television stations. With a library of over 7,000 hours of owned content across multiple genres, Allen Media Group provides video content to broadcast television stations, cable television networks, mobile devices, and multimedia digital. Allen Media Group’s mission is to provide excellent content to its viewers, global platforms, and Fortune 500 advertising partners. For more information, visit: www.allenmedia.tv

Gray Contact:

Kevin P. Latek, Executive Vice President, Chief Legal and Development Officer, 404-266-8333

Allen Media Group Contact:

Eric Peterkofsky, Executive Vice President, Talent & Public Relations, 310-277-3500

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FAQ

What did GTN announce about the station transactions on May 1, 2026?

They announced the transactions closed for a combined $171 million, plus working capital adjustments. According to the company, the deals included stations closed March 26 and May 1, 2026, covering three new markets and seven overlap markets.

How many new markets did Gray Media (GTN) acquire stations in during the transactions?

Gray acquired stations in three new markets for Gray on March 26, 2026. According to the company, an additional seven overlap-market stations were acquired on May 1, 2026.

Does the $171 million price for GTN transactions include adjustments?

The announced combined purchase price is $171 million plus working capital adjustments. According to the company, the final cash consideration may change based on those adjustments.

When did Gray complete the acquisitions of the overlap-market stations for GTN?

Gray closed the acquisition of stations in the remaining seven overlap markets on May 1, 2026. According to the company, the three new-market station closings occurred March 26, 2026.

What is Gray Media's (GTN) reach and scale mentioned in the announcement?

Gray Media serves 117 full-power television markets, reaching about 37% of US TV households. According to the company, its portfolio includes leading stations and the largest Telemundo affiliate group.