Gray Media has finalized the acquisition of nearly a dozen local television stations formerly owned by Allen Media Group, the company announced in a late evening press release on Friday.
The deal includes three TV stations that Gray Media acquired after the Federal Communications Commission (FCC) approved the transfer of local TV broadcast licenses from Allen Media in March, and another seven TV stations that followed similar regulatory approvals within the past weeks.
All told, 10 local TV stations were acquired from Allen Media at a cost of $171 million, plus working capital adjustments. Allen Media is likely to use that money to pay down a significant amount of debt associated with its original acquisition of local TV stations in different parts of the country and its operational control of the cable news outlet The Weather Channel…