The deal includes stations across six states and follows a $40 million upfront payment by Gray Media.
Gray Media (GTN) agreed to purchase six television stations from American Spirit Media for $50 million. The stations span Ohio, Mississippi, North Carolina, Georgia, Texas, and Louisiana, covering multiple designated market areas (DMAs). Gray Media has already paid $40 million and funded part of the transaction through a debt offering.
The acquisition follows a challenging year for GTN, with shares down 29.5% over the past 12 months and 21% year-to-date. Guggenheim recently lowered its price target on the stock to $6 from $7 while maintaining a Buy rating after Gray Media reported $768 million in first-quarter revenue and a $33 million net loss.