03 Aug Byron Allen Closes $380 Million Acquisition of Stations From Gray
By Jon Lafayette
Allen Media Group now owns 25 TV stations in 19 markets
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.