Gray Media (GTN) Agrees to Purchase Two TV Stations for Under $2 Million

Gray Media, Inc. (NYSE:GTN) is one of the best NYSE penny stocks to invest in now. On July 31, the company announced an agreement to purchase two television stations from SagamoreHill Broadcasting. The stations are WLTZ, an NBC affiliate in Columbus, Georgia (DMA 127), and KJTV, a FOX affiliate in Lubbock, Texas (DMA 140). The total purchase price for the two stations is “less than $2 million.”

An aerial view of a broadcasting company’s television stations, showing the power of the company’s media presence.

Gray Media already provides back-office services to WLTZ through its ABC affiliate, WTVM, in Columbus, Georgia, and to KJTV through its NBC affiliate, KCBD, in Lubbock, Texas. The company expects to complete the acquisitions in the fourth quarter of 2025, pending regulatory approval from the Federal Communications Commission and other standard closing conditions. Gray stated that it will request waivers of the FCC’s local broadcast ownership rule, which limits owning multiple stations in the same market, under the “failing station” waiver standard, citing the financial struggles of WLTZ and KJTV. This is the same process used for Gray’s earlier 2025 acquisition of KXLT, a FOX affiliate in Rochester, Minnesota, from SagamoreHill.

Gray Media, Inc. (NYSE:GTN) is the largest owner of local television stations in the U.S., operating 113 markets that reach approximately 37% of U.S. television households. The company also owns Gray Digital Media (a digital marketing agency), video production companies (Raycom Sports, Tupelo Media Group, PowerNation Studios), and studio facilities (Assembly Atlanta, Third Rail Studios).

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Disclosure: None. This article is originally published at Insider Monkey.