Gray Media, Inc. (GTN), a television broadcasting company, on Friday announced that it has reached an agreement with a media production and distribution company, Byron Allen's Allen Media Group, Inc., to acquire its television stations in ten markets for $171 million.
The company expects to complete the transaction in the fourth quarter of the year.
According to Comscore, the deal would expand Gray into three new markets in Columbus-Tupelo in Mississippi, Terre Haute and West Lafayette in Indiana, through acquiring the local TV station in each market in 2024.
In the pre-market trading, Gray Media is 3.62% lesser at $3.9900 on the New York Stock Exchange.
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