Gray Media is purchasing six television stations from American Spirit Media for $50 million. The stations are located in Ohio, Mississippi, North Carolina, Georgia, Texas, and Louisiana, and are designated as DMA 81, DMA 100, DMA 125, DMA 126, DMA 149, and DMA 176. Gray Media has already paid $40 million and funded part of the deal through a debt offering. Earlier this year, Guggenheim lowered its price target on Gray Media to $6 from $7 while maintaining a Buy rating, following first-quarter results that included $768 million in revenue and a $33 million net loss.
Gray Television IncGray Media is acquiring six TV stations for $50 million, expanding its portfolio.
American Spirit Media is selling six TV stations for $50 million, generating cash.