Gray Media has agreed to acquire six television stations from American Spirit Media for $50 million, expanding its presence across several regional markets in the United States. The deal includes television stations serving Toledo, Ohio; Jackson, Mississippi; Wilmington, North Carolina; Columbus, Georgia; Wichita Falls, Texas; and Lake Charles, Louisiana.
The stations covered by the agreement are WUPW, a FOX affiliate in Toledo; WDBD, a FOX affiliate in Jackson; WSFX-TV, a FOX affiliate in Wilmington; WXTX, a FOX affiliate in Columbus; KAUZ-TV, a CBS affiliate in Wichita Falls; and KVHP, a FOX affiliate in Lake Charles.
Gray Media has already maintained operating relationships with most of the stations for more than a decade. Gray and its predecessor company, Raycom Media, have provided back-office services to five of the six stations and local news programming to four through Gray-owned stations operating in the same markets.
Following the acquisition, Gray plans to apply its local news, advertising sales, and sports programming strategies across the acquired stations. The company said the combination is expected to benefit the communities served by strengthening local operations and expanding the resources available to each station.
The transaction is structured through two separate closings. Gray completed the first closing on July 1, paying American Spirit $40 million and entering into a limited local management agreement covering the stations.
The first portion of the purchase was financed using proceeds from Gray’s private placement of $70 million in aggregate principal amount of 7.250% senior secured first lien notes due in 2033. That financing transaction was completed on June 30.
Gray expects to fund the remaining $10 million purchase consideration with cash on hand. The second and final closing is anticipated during the fourth quarter of 2026, subject to regulatory approvals and other customary closing conditions.
The local management agreement is expected to remain in effect until the final closing is completed. At that point, Gray would assume full ownership and control of the stations.
Gray described the acquisition as part of its strategy of pursuing disciplined tuck-in transactions that strengthen its position in existing local markets and expand the scale of its broadcasting platform.
The deal will also establish or reinforce two-station footprints in several of the acquired markets. These combinations can allow broadcasters to share operational resources, news production capabilities, sales teams, and other infrastructure while continuing to operate stations with distinct network affiliations and programming.
Gray expects the American Spirit transaction, together with its related debt issuance and a separately announced preferred stock redemption, to be accretive to cash flow.
The company also said the transactions are not expected to increase its consolidated total net leverage ratio and should support its ongoing efforts to improve its balance sheet.
The acquisition follows several television station transactions announced by Gray over the previous 12 months. The company has continued to pursue selective acquisitions that expand its reach in markets where it already has operations or where additional scale could improve the economics of its local broadcasting business.
Gray Media owns and operates television stations and digital properties serving markets throughout the United States. Its stations provide local news, weather, sports, entertainment, and network programming across a range of broadcast affiliations.
Completion of the second closing remains subject to regulatory approval and other customary conditions. Gray cautioned that the timing and ultimate completion of the transaction could be affected by the regulatory process and other factors.
