Gray Media Acquires 6 TV Stations for $50M

Gray Media, Inc. has agreed to acquire six television stations from American Spirit Media, LLC for $50 million. The first closing of the transaction has been completed, with Gray paying $40 million, funded by a portion of its recently completed $70 million private placement of 7.250% Senior Secured First Lien Notes due 2033. The acquisition is part of Gray's strategy for prudent tuck-in acquisitions to strengthen its local presence and expand scale, and is expected to be cash flow accretive without increasing its Consolidated Total Net Leverage Ratio.