GTN-A · Gray Media, Inc.

Gray Media, Inc. finalized its strategic acquisition of television station assets from Allen Media Group, Inc., marking a significant expansion of its broadcast portfolio. The deal encompasses 10 stations across multiple markets, including three new entries for Gray and seven overlap markets, completed in two tranches: the Allen 3 stations on March 27, 2026, for $56 million, followed by the remaining stations on May 1, 2026, for $115 million, totaling $171 million plus working capital adjustments, all funded from cash on hand. This cash-funded structure avoids additional debt, preserving balance sheet flexibility. The SEC waiver streamlines reporting by substituting an audited Statement of Assets Acquired and Liabilities Assumed for full pro forma financials, with filing due within 71 days. For investors, this bolsters Gray's position as the largest owner of top-rated local TV stations, reaching more U.S. households through high-rated ABC, NBC, CBS, FOX, and independent affiliates in key mid-sized markets like Huntsville, Evansville, and Rockford. The press release highlights entry into three new markets, aligning with Gray's growth strategy in local media amid digital shifts.