Gray Media to Purchase American Spirit Media TV Stations for $50M

By Grace YoonGray Media said it has agreed to acquire six television stations from American Spirit Media for $50 million.The parties completed the first of two transactions earlier Wednesday. Gray paid $40 million to American Spirit and began a limited local management agreement for the stations.Gr…

By Grace Yoon

Gray Media said it has agreed to acquire six television stations from American Spirit Media for $50 million.

The parties completed the first of two transactions earlier Wednesday. Gray paid $40 million to American Spirit and began a limited local management agreement for the stations.

Gray said the acquisitions would strengthen its local presence and expand its scale, establishing stations in attractive markets.

The transaction includes stations from Ohio, Mississippi, North Carolina, Georgia, Texas and Louisiana. Gray said it has been providing back-office services to five of these stations and local news to four for more than a decade.

Gray said it would complete the second and final portion of the transaction in the fourth quarter this year.

Write to Grace Yoon at grace.yoon@wsj.com