Byron Allen's Allen Media Broadcasting agreed to buy WJRT-TV, the ABC affiliate in Flint-Saginaw, Mich., from Gray Television for $70 million in cash.
Gray is selling WJRT to ease regulatory approval for its purchase of Meredith Corp.’s local media group. Both Gray and Meredith own stations in Flint.
The acquisition would give Allen 24 stations in 20 markets.
Allen has announced plans to invest $10 billion dollars to acquire more ABC, CBS, NBC and Fox TV stations over the next two years. His goal is to be the largest broadcast TV group in the U.S.
Allen also owns national networks including The Weather Channel and the streaming service Local Now.
WJRT-TV General Manager Pete Veto will remain with Gray after the closing of this sale in a new position that Gray will announce at a later date.
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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