Gray Television has struck a deal to sell one of the two radio stations it acquired as part of its June 2018 $3.65 billion buyout of Raycom Media. Alpha Media has agreed to pay an undisclosed amount to acquire Spanish adult hits “102.9 Mundo FM” KEYU-FM Amarillo TX from Gray. Alpha, which has been doing more selling than buying as of late, sees an opportunity to bulk up in market No. 170, where it already owns three stations, including “Country 97.9” KGNC-FM, classic hits “101 The Eagle” KXGL, and news-talk KGNC (710).
Gray also picked up regional Mexican “La Ley 104.7” KTXC in the Odessa-Midland, TX market from Raycom, which is also likely to be sold. Atlanta-based Gray Television has previously shown it has no desire to be in the radio business. In 2016 it acquired the broadcast assets of Schurz Communications for $415.3 million and immediately spun off the Schurz radio division in separate deals to Mid-West Family Broadcast Group, Neuhoff Communications and the HomeSlice Group.
Last year’s merger of Gray and Raycom created the third largest TV group based on number of stations. The transaction ranked second in deal value for the year 2018.