Gray Media
An American television broadcasting and media company that owns and operates local stations across the United States.
Last updated August 26, 2026
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Overview
Gray Media is an American television broadcasting company headquartered in Atlanta, Georgia. The company traces its origins to 1946, when James Harrison Gray acquired The Herald Publishing Company in Albany, Georgia. That transaction included WALB radio, and Gray expanded into television with the launch of WALB-TV in 1954. Over subsequent decades, the business developed from a Georgia communications company into a large national owner and operator of local television stations. The company initially combined broadcasting with newspaper publishing and other communications activities. Its early television expansion included acquisitions such as WJHG-TV in Panama City, Florida, and KTVE in Monroe, Louisiana. After Gray’s death in 1986, ownership and governance tensions among his heirs contributed to a restructuring. The company became publicly traded in 1992, and Bull Run Corporation, associated with investor J. Mack Robinson, became a major shareholder and helped redirect the business toward regional television broadcasting. Gray moved its stock listing to the New York Stock Exchange in 1995. During the 1990s and early 2000s, Gray expanded through station purchases while also owning newspapers, advertising weeklies, satellite communications and paging operations. It later concentrated more heavily on television, spinning off its newspaper and wireless messaging assets in 2006. The company encountered significant leverage and advertising-revenue pressure during the Great Recession, but continued operating and subsequently resumed an aggressive acquisition strategy under Hilton Howell. Major expansion followed through purchases of stations from distressed or reorganizing broadcasters, including Benedek Broadcasting in 2002, Hoak Media and Parker Broadcasting in 2013–2014, Schurz Communications in 2015, Raycom Media in 2019, Quincy Media in 2021 and Meredith Corporation’s television division in 2021. The Raycom transaction made Gray one of the largest U.S. television station groups and substantially increased its presence in state capitals, college towns and mid-sized markets. Gray is particularly prominent among NBC affiliates and also owns a significant portfolio of ABC, CBS, Fox, CW, Telemundo and independent stations. Beyond local newscasts, Gray distributes investigative journalism, syndicated programming, multicast networks and streaming services. Its national initiatives include the Washington, D.C., news bureau, InvestigateTV and InvestigateTV+. In partnership with Grand Ole Opry Entertainment Group, it launched Circle, a country-music-oriented broadcast and streaming network in 2020. Gray has also invested in production infrastructure, including the Assembly development at the former General Motors site in Doraville, Georgia, and Third Rail Studios. The company operates stations in markets ranging from major metropolitan areas to small regional communities. Its business model combines local advertising, retransmission-consent revenue, network affiliations, digital publishing, political advertising, content distribution and selected national media ventures. In 2024, the company adopted the Gray Media name, reflecting a broader identity beyond traditional television station ownership. It remains an active, publicly traded U.S. media group with a large local-news footprint.
History
Gray Media began in 1946 when James Harrison Gray acquired The Herald Publishing Company in Albany, Georgia. The purchase brought the Albany Herald and WALB radio into the new company. Gray entered television in 1954 with WALB-TV and expanded during the 1960s through purchases including WJHG-TV and KTVE. Following James Gray’s death in 1986, a trust structure created disagreement among his children over the company’s future. In 1991, the board purchased part of the family holdings to break the deadlock. Gray went public on NASDAQ in 1992, but financial and ownership changes soon followed. Bull Run Corporation, associated with J. Mack Robinson, acquired the remaining family interests and installed new management. Gray shifted toward a broader Southeastern television group, purchasing WKYT-TV and WYMT-TV in 1994 and additional stations later in the decade. Gray’s 1990s portfolio also included newspapers, advertising weeklies, satellite uplink services and paging operations. The company listed on the New York Stock Exchange in 1995. Television became increasingly important as newspaper performance weakened. After acquisitions in Kentucky, Georgia, Florida, Tennessee, Nebraska and other states, Gray expanded beyond its original Southeast base. In 1998, it agreed to buy Busse Broadcasting, but sold WALB to address media-ownership concerns. In 2002, Gray acquired 14 stations from bankrupt Benedek Broadcasting. In 2006, it separated its daily newspapers and wireless messaging business into Triple Crown Media, later renamed Southern Community Newspapers, reinforcing a television-centered strategy. That strategy was tested during the Great Recession: advertising declined, leverage increased and Gray’s stock price fell sharply. Hilton Howell became chief executive in 2008. Gray subsequently stabilized its operations and returned to acquisitions. The company managed seven Young Broadcasting stations beginning in 2009 and acquired Yellowstone Holdings, Hoak Media and Parker Broadcasting in 2013–2014. Those transactions expanded Gray into markets across the Mountain West, Great Plains and other regions, while regulatory restrictions required station sales, operating arrangements and, in some cases, multicast substitutions. Gray bought WJRT-TV and WTVG in 2014, Schurz Communications’ television properties in 2015, KCRG-TV in Iowa, and additional stations from Withers, Nexstar-related divestitures, Diversified Communications and other owners between 2016 and 2018. Gray’s largest transformative deal was its acquisition of Raycom Media, announced in 2018 and completed in January 2019. The combination made Gray the third-largest U.S. television station owner by station count at the time and added extensive local-news operations. Gray also diversified its content portfolio: it created Circle with Grand Ole Opry Entertainment Group, opened a Washington national news bureau, and developed InvestigateTV from an investigative unit associated with WVUE. In 2021, Gray acquired Quincy Media’s broadcasting properties and Meredith Corporation’s television division, subject to divestitures intended to satisfy federal ownership rules. It also began developing Assembly, a media-production community at the former General Motors plant in Doraville, Georgia, and purchased Third Rail Studios. Additional low-power stations and former Box-affiliated stations were acquired in 2022. Gray expanded its Telemundo affiliation rights to additional markets and continued developing investigative and streaming products. InvestigateTV+ launched in 2023 as a weekday expansion of InvestigateTV. The company later adopted the Gray Media name, signaling a broader corporate identity encompassing local broadcasting, digital content, streaming, investigative journalism and production infrastructure. Gray remains an active publicly traded broadcaster with stations serving markets throughout the United States.
- 2023
InvestigateTV+ launches
[1]Gray expanded its investigative-news offering with a weekday program distributed across its station group.
- 2021
Quincy and Meredith transactions
[1]Gray completed major acquisitions of Quincy Media’s broadcasting assets and Meredith’s television division.
- 2020
Circle launches
[1]The Circle broadcast and streaming network launched through Gray’s joint venture with Grand Ole Opry Entertainment Group.
- 2019
Raycom Media acquisition closes
[1]Gray completed its $3.65 billion acquisition of Raycom Media after FCC approval.
- 2014
Hoak and Parker station transaction completed
[1]Gray completed a major acquisition of stations from Hoak Media and Parker Broadcasting, with regulatory divestitures.
- 2006
Newspapers and paging assets spun off
[1]Gray separated five daily newspapers and its wireless messaging business into Triple Crown Media.
- 2002
Benedek Broadcasting stations acquired
[1]Gray purchased 14 television stations from bankrupt Benedek Broadcasting.
- 1995
Listing moves to the New York Stock Exchange
[1]Gray transferred its public stock listing to the NYSE.
- 1992
Public listing begins
[1]Gray became publicly traded on NASDAQ’s small-cap market.
- 1954
WALB-TV launches
[1]Gray entered television broadcasting with the launch of WALB-TV in Albany.
Products and positioning
A large-scale local television operator focused on community news, network-affiliated broadcasting, political and commercial advertising, and increasingly diversified digital, streaming and production activities.
Broadcast television · 1954
Local television stations
Gray’s core business is the ownership and operation of local television stations in U.S. markets ranging from major cities to small regional communities. Stations carry major network affiliations, local news, weather, sports, public-affairs programming, syndicated content and locally targeted advertising.
Investigative journalism · 2021
InvestigateTV
InvestigateTV is a national investigative-news program built from reporting by Gray’s national investigative team and local station journalists. It allows stories produced for individual markets to reach a broader television audience.
Investigative journalism · 2023
InvestigateTV+
InvestigateTV+ is a weekday expansion of the InvestigateTV franchise. It is distributed on Gray stations and syndicated to stations outside Gray’s market footprint, extending the company’s national investigative programming.
Broadcast network and streaming · 2020
Circle
Circle is a country-music-oriented multicast and over-the-top service created by Gray and Grand Ole Opry Entertainment Group. Its programming centers on country music performances, artists, events and related entertainment.
Media production infrastructure · 2021
Assembly
Assembly is Gray’s planned media-production community at the former General Motors assembly plant site in Doraville, Georgia. The development was conceived to include production studios alongside residential, hospitality, office, restaurant and retail uses.
Controversies
2021
FCC holds Gray Television liable for ownership-rule violation
The Federal Communications Commission issued a notice of apparent liability finding that Gray Television violated the rule barring an owner from holding two of the top four television stations in a designated market area. The FCC held Gray liable for $518,283, the statutory maximum for a single violation.
Brand decisions
2021
Acquisition of Quincy Media broadcasting assetsM&ABackground
Gray pursued additional local television scale and market coverage through Quincy Media’s broadcasting portfolio.
Action taken
Gray agreed to acquire all of Quincy Media’s broadcasting properties for $925 million in cash and completed the transaction on August 2, 2021. Several stations were divested to Allen Media Group to address regulatory concerns.
Aftermath
The transaction broadened Gray’s station footprint, while required divestitures reduced overlap in selected markets.
purchase price. $925 million cash (announced February 2021; completed August 2021)
2021
Acquisition of Meredith’s television divisionM&ABackground
Gray pursued Meredith’s television portfolio to add stations and strengthen its national position in local broadcasting.
Action taken
Gray announced a $2.7 billion acquisition and completed it on December 1, 2021. WJRT-TV was sold to Allen Media Group as part of the regulatory process.
Aftermath
The deal substantially expanded Gray’s station group and market reach.
purchase price. $2.7 billion (announced May 2021; completed December 2021)
2020
Launch of CircleProduct launchBackground
Gray sought to use its multicast distribution capabilities and partnership with the Grand Ole Opry to create a dedicated country-music media service.
Action taken
Gray and Grand Ole Opry Entertainment Group launched Circle as a broadcast diginet and streaming platform.
Aftermath
Circle added a national entertainment and streaming component to Gray’s primarily local-broadcasting portfolio.
2019
Acquisition of Raycom MediaM&ABackground
Gray sought to increase its scale in local television and combine its station portfolio with Raycom’s broad network of affiliated broadcasters.
Action taken
Gray agreed to acquire Raycom Media for $3.65 billion. Regulatory approval required divestitures in overlapping markets, and the transaction closed on January 2, 2019.
Aftermath
The combined company became one of the largest U.S. television station operators and added significant local-news and investigative capabilities.
purchase price. $3.65 billion (announced June 2018; completed January 2019)
Recent events
Allen Media Broadcasting completes acquisition of WJRT-TV[4]
Reported:
Allen Media Broadcasting completed its $70 million cash acquisition of WJRT-TV, the ABC affiliate for the Flint-Saginaw, Michigan, market, from Gray Television.
Allen Media Group completes acquisition of 10 television stations[5]
Reported:
Allen Media Group completed its $380 million cash acquisition of 10 local television stations divested from the Gray Television transaction with Quincy Media.
FCC holds Gray Television liable for ownership-rule violation[3]
Reported:
The Federal Communications Commission issued a notice of apparent liability finding that Gray Television violated the rule barring an owner from holding two of the top four television stations in a designated market area. The FCC held Gray liable for $518,283, the statutory maximum for a single violation.
Gray Television expands investment in Swirl Films[6]
Reported:
Gray Television expanded its investment in Swirl Films through a deal intended to provide the production company with more resources to produce series and made-for-TV movies.
GCI completes sale of broadcast assets to Gray Television[7]
Reported:
GCI subsidiary Denali Media Holdings and Gray Television closed the sale of the NBC affiliates KATH and KSCT. Under a separate agreement, Denali Media Holdings also sold Gray most assets of KTVA and three CBS stations.
- Unconfirmed
Gray Television sues prank perpetrators[8]
Reported:
Gray Television is suing two men who appeared on air as exercise experts and pranked several of its stations. The source does not specify when the lawsuit was filed.
Sources8 sources
- 1Gray Mediaen.wikipedia.org
- 2Gray Media corporate websitegray.tv
- 3FCC holds Gray Television liable for ownership-rule violationlawstreetmedia.com
- 4Allen Media Broadcasting完成对WJRT-TV的收购prnewswire.com
- 5Allen Media Group完成收购10家电视台prnewswire.com
- 6Gray Television 扩大对 Swirl Films 的投资variety.com
- 7GCI 完成向 Gray Television 出售广播资产akbizmag.com
- 8Gray Television起诉恶作剧者ftvlive.com
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