BREAKING! Source: Gray to Buy Allen Media Stations (Updated)

This story is being posted at 4:54AM on Friday August 8th.

A source has told FTVLive that on Gray Media’s earning call today, the company will announce that they are buying ten stations from Allen Media.

The most interesting thing, according to our source,

That includes a duopoly KADN/KLAF in Lafayette, La.

Gray already has the pending acquisition of KATC in Lafayette in swap deal they made with Scripps, announced last month.

If these deals go through, Gray would be seeking FCC approval for triopoly ownership in a market.

This would be the first case since the recent federal court ruling overturning FCC Big 4 ownership restrictions.

Updated: As FTVLive FIRST told you, Allen Media Group says that it has sold 10 of their stations to Gray Media in a $171 million deal.