Gray Media (GTN) To Acquire 6 TV Stations From American Spirit For $50 Million Consideration

Muhammad Ali Khalid

Sun, July 12, 2026 astatine 12:21 PM CDT 2 min read

Gray Media Inc. (NYSE:GTN) is 1 of the 15 champion NYSE penny stocks to bargain according to hedge funds. The company's acquisitive strategy, backed by strategical financing arrangements, appears captivating. On July 1, Gray Media Inc. (NYSE:GTN) agreed to acquisition six TV stations from American Spirit for $50 million.

The companies executed the archetypal closing, with Gray paying retired $40 cardinal to American Spirit and initiating the stations' constricted section absorption arrangement. The archetypal outgo was financed done proceeds from a $70 cardinal backstage placement of the 7.25% Senior Secured First Lien Notes owed successful 2033. Gray expects to implicit the remaining information of the acquisition during the 4th quarter, with its currency balance.

oliveromg/Shutterstock.com

Earlier connected June 30, Gray Media Inc. (NYSE:GTN) completed a $70 cardinal backstage offering of its 7.25% Senior Secured First Lien Notes, which are owed successful 2033. Gray issued the notes astatine par worth positive accrued involvement to accredited investors.

A information of the proceeds volition concern the buyback of the company's 50,000 Series A Perpetual Preferred shares, portion the remaining proceeds volition beryllium utilized for the archetypal closing of the company's American Spirit Media acquisitions, arsenic highlighted above.

The Perpetual Preferred shares repurchase had a liquidation penchant of $50 million; however, the institution incurred conscionable $30 cardinal successful outgo successful summation to the accrued dividends.

Gray Media Company Inc. (NYSE:GTN) specializes successful multimedia assets, including section tv affiliates and integer assets. These are organized into aggregate reporting segments specified arsenic Broadcasting, Production Companies, and Digital Media Agency. It besides offers integer selling services.

While we admit the hazard and imaginable of GTN arsenic an investment, our condemnation lies successful the content that immoderate AI stocks clasp greater committedness for delivering higher returns and doing truthful wrong a shorter clip frame. If you are looking for an AI banal that is much promising than GTN and that has 10,000% upside potential, cheque retired our study astir this cheapest AI stock.

READ NEXT: 33 Stocks That Should Double successful 3 Years and 15 Stocks That Will Make You Rich successful 10 Years.

Disclosure: None. Follow Insider Monkey connected Google News.