Byron Allen’s Allen Media Broadcasting has agreed to buy TV stations in seven markets for $380 million, expanding Allen’s growing broadcast holdings.
Allen has said he plans to invest $10 billion in broadcast assets.
The stations are currently owned by Quincy Media, which is in the process of being acquired by Gray Television for $925 million in cash. Gray is divesting the stations that Allen is buying in order to pass regulatory muster. The stations will never be owned or operated by Gray.
“I truly appreciate Gray and Quincy, two of the best broadcast groups in the business, working with us to acquire and transfer these amazing assets,” Allen said.
“Over the past year-and-a-half, we've invested close to $1 billion to acquire best-in-class, top-tier, broadcast network affiliates," Allen Said. "We plan to invest approximately ten billion dollars to acquire more ABC, CBS, NBC, and Fox television stations over the next two years with the goal of being the largest broadcast television group in America. All of our media assets, including these broadcast television stations, will work in concert to amplify our free-streaming service, Local Now.”
The stations Allen is buying are KVOA (NBC), Tucson, Arizona; WKOW (ABC), Madison, Wisconsin; WSIL / KPOB (ABC), Paducah, Kentucky- Harrisburg, Illinois; KWWL (NBC), Cedar Rapids, Iowa; WXOW / WQOW (ABC), La Crosse-Eau Claire, Wisconsin; WAOW / WMOW (ABC), Wausau-Rhinelander, Wisconsin; and WREX (NBC), Rockford, Illinois.
Allen already owns 16 network affiliated stations.
The transactions--Gray buying Quincy and Allen buying the stations--are expected to close simultaneously in the third quarter, after regulatory and other approvals are obtained.
When the transaction closes, Allen will own 23 station in 19 markets.
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