Byron Allen’s media empire continued to expand as Allen Media Group LLC competed its $380 million acquisition of 10 stations from Gray Television.
Allen vowed to spend $10 billion buying stations to create one of that largest U.S. broadcast groups, and has now invested close to $1 billion in growing his portfolio.
Gray had to divest stations following its purchase of Quincy Media in order to satisfy regulators.
With the 10 stations from Gray, Allen Media Group now has 25 stations in 19 markets.
“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," said Byron Allen, founder/chairman/CEO of Allen Media Group. "Over the past year-and-a-half, we have invested close to $1 billion to acquire best-in-class, top-tier, broadcast network affiliates. 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 purchases stations are KVOA-TV, Tucson, Arizona; KKOW-TV, Madison, Wisconsin; WSIL / KPOB-TV, Paducah, Kentucky; KWWL-TV, Cedar Rapids, Iowa; WXOW / WQOW -TV, La Crosse-Eau Claire, Wisconsin; WAOW / WMOW-TV, Wausau-Rhinelander, Wisconsin; WREX-TV, Rockford, Illinois.
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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