Local broadcast television is edging toward one of the biggest consolidation waves in its history. But it’s not starting with blockbuster mergers garnering trade press headlines. Instead, it’s beginning in smaller, quieter moves that may prove even more consequential: The steady construction of co-owned station duopolies in markets across the country. These deals are more than incremental portfolio adjustments. They’re strategic pilot projects — softening the ground for a far bigger play if, as many station groups clearly believe, the FCC soon loosens or even removes its decades-old ownership limits. The prevailing industry bet? That the 39% national cap will be scrapped, local restrictions relaxed, and a new era of M&A consolidation unleashed. Gray’s Duopoly Blitz — And A “Triopoly” First? No broadcaster has embraced the duopoly playbook more aggressively than Gray Media. In just the past few weeks, the company has unveiled a rapid-fire series of acquisitions and swaps that look less like opportunistic buys and more like a master plan:
An $80 million acquisition of television stations from Block Communications, including a rare Big Four duopoly in Louisville (Fox & NBC affiliates, plus The CW), along with other key additions in Decatur (IL) and Lima (OH) that bolster its Midwestern footprint. A $171 million deal with Allen Media Group to acquire stations across 10 markets — creating seven new duopolies in Huntsville (AL), Montgomery (AL), Paducah (KY), Lafayette (LA), Evansville (IN), Fort Wayne (IN), and Rockford (IL) — when ultimately paired with Gray’s existing holdings. A strategic station swap with E.W. Scripps, resulting in another duopoly in Lansing (MI) — and a third station in Lafayette, which would be the nation’s first in-market “triopoly”. A targeted purchase of two SagamoreHill stations in Bangor (ME) & Alpena (MI), again designed to create new commonly owned tandems. Seen individually, these moves might pass as routine national portfolio adjustments. Viewed together, they reveal a coordinated strategy to deepen individual market control, lock in operational efficiencies, and be ready to scale up dramatically if the FCC removes existing ownership caps. |
