Gray to Divest 7 Quincy Stations to Byron Allen for $380M
Gray Television will divest seven TV stations to Byron Allen’s Allen Media Broadcasting for $380 million, in connection with its proposed $925 million buy of Quincy Media, Gray announced Thursday. The stations are owned by Quincy in markets where Gray…
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has overlaps, such as Tucson and Madison, Wisconsin. Gray/Quincy isn’t expected to hit regulatory snags (see 2102010072). The divestiture will close when the Quincy deal does, expected in Q3, Gray said. “At no time will Gray own, control or operate any of the divestiture television stations.” Allen repeated in the release that he plans to invest about $10 billion over the next two years to buy top four network stations “with the goal of being the largest broadcast television group in America.”