The acquisitive Byron Allen has struck again, announcing the purchase of digital multicast networks This TV and Light TV from MGM.
Financial terms were not disclosed.
The comic turned media mogul’s TV empire now holds 10 networks including The Weather Channel, and 16 TV stations in 12 markets.
“I am happy to announce that Allen Media Group has achieved another critical milestone by successfully acquiring two over-the-air broadcast television networks This TV and Light TV from MGM,” said Allen. "We are going to continue to invest a substantial amount of capital into the programming, marketing, and distribution of these networks. We are strong believers in broadcasting and free-streaming direct-to-consumer platforms.”
This TV was launched in 2008 and is programmed with films and classic TV series. Light TV features family-friendly movies and series and was launched in 2016. Both networks are carried as the secondary digital channels of local broadcasters.
E.W. Scripps bought Katz Networks, which operates four digital broadcast networks for $302 million in 2017.
“Byron Allen is an innovator and has built a tremendous portfolio of networks within his organization. With a reach of over 81 million households, these networks will be great additions to his Allen Media Group,” said Chris Ottinger, president of world wide television distribution & acquisitions at MGM.
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Jon has been business editor of Broadcasting+Cable since 2010. He focuses on revenue-generating activities, including advertising and distribution, as well as executive intrigue and merger and acquisition activity. Just about any story is fair game, if a dollar sign can make its way into the article. Before B+C, Jon covered the industry for TVWeek, Cable World, Electronic Media, Advertising Age and The New York Post. A native New Yorker, Jon is hiding in plain sight in the suburbs of Chicago.
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