Gray Media, Inc. (NYSE: GTN) has agreed to acquire six television stations from American Spirit Media, LLC for $50 million, according to a press release from the Atlanta-based company.

The stations being acquired are WUPW (FOX) in Toledo, OH; WDBD (FOX) in Jackson, MS; WSFX-TV (FOX) in Wilmington, NC; WXTX (FOX) in Columbus, GA; KAUZ-TV (CBS) in Wichita Falls, TX; and KVHP (FOX) in Lake Charles, LA.

Gray completed the first of two planned closings on July 1, 2026, paying $40 million to American Spirit and commencing a limited local management agreement for the stations. The initial payment was funded through a private placement of $70 million in aggregate principal amount of 7.250% Senior Secured First Lien Notes due 2033, completed June 30, 2026.

The remaining $10 million is expected to be paid in the fourth quarter of 2026 using cash on hand, pending regulatory approvals and other customary closing conditions, at which point the local management agreement will end.

Gray has provided back-office services to five of the six stations and local news to four of them for more than a decade through its own local stations in those markets.

Gray stated the acquisition, along with a related debt issuance and preferred stock redemption also announced on the same date, is expected to be cash flow accretive and will not increase its Consolidated Total Net Leverage Ratio as defined in its Senior Credit Agreement.