Gray Media and Allen Media Group finalize $171 million transaction to acquire television stations in various U.S. markets.
Quiver AI Summary
Gray Media, Inc. and Allen Media Group, Inc. have successfully completed their previously announced transactions, totaling $171 million plus adjustments, with Gray acquiring television stations in three new markets on March 26, 2026, and additional stations in seven overlapping markets. Gray Media is the largest owner of local television stations in the U.S., reaching about 37% of television households, while Allen Media Group operates 28 affiliate broadcast television stations and ten HD networks, catering to nearly 300 million subscribers. Both companies own various digital and media properties, focusing on delivering quality content and advertising solutions across multiple platforms.
Potential Positives
- Gray Media has expanded its market presence by acquiring television stations in three new markets, enhancing its operational footprint.
- The total purchase price of $171 million reflects significant investment and indicates confidence in the value of the acquired assets.
- Gray Media solidifies its position as the largest owner of top-rated local television stations, reaching approximately 37% of U.S. television households, which strengthens its competitive edge in the media landscape.
- The acquisition aligns with Gray's strategy to enhance its diverse portfolio, which includes a large Telemundo Affiliate group and various media properties, broadening its service capabilities and market reach.
Potential Negatives
- Gray Media's acquisition of new stations could strain resources and management focus, impacting their operational efficiency in existing markets.
- The financial commitment of $171 million for these acquisitions raises concerns about the company's capital allocation and potential impacts on future investment opportunities.
- Entering new markets may increase competitive pressures and could lead to challenges in audience retention and advertising revenue growth.
FAQ
What was the total purchase price for the Gray Media and Allen Media Group transactions?
The total purchase price for the transactions was $171 million plus working capital adjustments.
When did Gray Media acquire new stations?
Gray Media acquired stations located in three new markets on March 26, 2026, and in seven overlap markets on May 1, 2026.
Where is Gray Media headquartered?
Gray Media is headquartered in Atlanta, Georgia.
What type of assets does Gray Media own?
Gray Media owns top-rated local television stations, digital assets, and various media properties including video production companies.
How many markets does Allen Media Group serve?
Allen Media Group operates in 21 U.S. markets with 28 affiliate broadcast television stations.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$GTN Revenue
$GTN had revenues of $792M in Q4 2025. This is a decrease of -24.21% from the same period in the prior year.
You can track GTN financials on Quiver Quantitative's GTN stock page.
$GTN Hedge Fund Activity
We have seen 98 institutional investors add shares of $GTN stock to their portfolio, and 96 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- CHARLES SCHWAB INVESTMENT MANAGEMENT INC added 994,474 shares (+23.7%) to their portfolio in Q4 2025, for an estimated $4,813,254
- PACER ADVISORS, INC. removed 825,308 shares (-100.0%) from their portfolio in Q4 2025, for an estimated $3,994,490
- CITADEL ADVISORS LLC removed 638,663 shares (-100.0%) from their portfolio in Q4 2025, for an estimated $3,091,128
- MORGAN STANLEY added 633,532 shares (+37.2%) to their portfolio in Q4 2025, for an estimated $3,066,294
- MILLENNIUM MANAGEMENT LLC removed 469,940 shares (-94.3%) from their portfolio in Q4 2025, for an estimated $2,274,509
- MILLER VALUE PARTNERS, LLC added 430,280 shares (+12.1%) to their portfolio in Q4 2025, for an estimated $2,082,555
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$GTN Analyst Ratings
Wall Street analysts have issued reports on $GTN in the last several months. We have seen 1 firms issue buy ratings on the stock, and 0 firms issue sell ratings.
Here are some recent analyst ratings:
- Benchmark issued a "Buy" rating on 11/10/2025
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$GTN Price Targets
Multiple analysts have issued price targets for $GTN recently. We have seen 5 analysts offer price targets for $GTN in the last 6 months, with a median target of $8.0.
Here are some recent targets:
- Patrick Sholl from Barrington Research set a target price of $6.5 on 04/28/2026
- Curry Baker from Guggenheim set a target price of $8.0 on 03/04/2026
- Steven Cahall from Wells Fargo set a target price of $6.0 on 03/02/2026
- Daniel Kurnos from Benchmark set a target price of $12.0 on 02/27/2026
Full Release
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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