Byron Allen‘s local TV liquidation has begun.
The comedian turned media mogul’s company Allen Media Group says that it has sold 10 of its local TV stations to Gray Media in a $171 million deal.
The stations, mostly in the south and midwest, largely complement Gray’s existing station portfolio of about 180 local stations in 113 markets by creating duopolies. However Gray says that the deal will also bring it into three new markets: Columbus-Tupelo, Mississippi; Terre Haute, Indiana; and West Lafayette, Indiana, once it closes.
The stations that Allen is selling span ABC, NBC, CBS and Fox affiliates, and include WAAY in Huntsville Alabama; WSIL in Paducah-Cape Girardeau-Harrisburg; WEVV in Evansville Indiana; WFFT in Ft. Wayne Indiana; WCOV in Montgomery Alabama; KADN in Lafayette Louisiana; WTVA in Columbus-Tupelo Mississippi; WREX in Rockford Illinois; WTHA in Terra Haute Indiana; and WLFA in West Lafayette Indiana.
Gray says that it expects the deal to close in Q4, pending FCC approvals.
Allen Media Group put its portfolio of 28 local TV stations across 21 local markets up for sale back in June, with Moelis & Company marketing the portfolio. The sale of about a third of those stations suggests that the bank will seek to cleave them off piecemeal to get the best deal.
Among AMG’s other stations are affiliates located in Honolulu Hawaii, Madison Wisconsin, Flint Michigan and Tucson Arizona.
AMG has had to undergo cuts over the last year or so as it has grappled with a rapidly changing media environment. In February it refinanced its $100 million revolving credit facility to give it more runway to execute.
However Allen has continued to pursue new deals, taking over the 12:30 a.m. timeslot on CBS with his syndicated series Comics Unleashed, which he hosts himself.
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