Gray and Allen Media Group announced the agreement Friday.

Allen’s stations in Huntsville, Ala.; Montgomery, Ala.; Ft. Wayne, Ind.; Lafayette, La.; and Paducah, Ky.; were part of the transaction. The stations each have affiliations with one of the Big Four broadcast networks: ABC, Fox, NBC and CBS.

The move furthers Allen’s retrenchment after a $1-billion buying spree in recent years. Allen had a goal of becoming the largest independent television operator in the U.S. But the build-up — which came during an increasingly challenging period for broadcast TV — left the Los Angeles-based company burdened with debt.

This spring, Allen Media Group hired investment banking firm Moelis & Co. to sell his network-affiliate television stations.

Allen Media Group, which was founded by Allen in 1993, continues to own television stations and channels, including Pets.TV, Comedy.TV and Cars.TV, entertainment studios and the Weather Channel.

The Los Angeles entrepreneur and former stand-up comedian had been steadily expanding his empire for more than a decade.

With the purchase of Allen’s stations, Gray moves into three new television markets: Tupelo, Miss.; Terre Haute, Ind.; and West Lafayette, Ind.

Gray owns a second station in several of the other locations. The company said in a statement that the combination, known in the industry as a “duopoly,” will allow it to provide “expanded local news, local weather, and local sports programming.”

The deal, which requires the approval of the Federal Communications Commission, should be complete by year’s end, the companies said.

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