Media mogul Byron Allen has reached a deal to sell 10 television stations for $171 million to Atlanta-based Gray Media.

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

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