Byron Allen’s Allen Media is preparing to buy seven TV stations from Gray Television Inc. for $380 million.
According to Variety, Allen Media will own and operate TV stations in 19 markets and cable’s The Weather Channel, among other media properties.
Allen Media will be purchasing the following stations: KVOA in Tucson, AZ; WKOW in Madison, WI; WSIL in Paducah KY; KWWL in Cedar Rapids IA; WXOW in La Crosse WI; WAOW in Wasau and Rhinelander WI; and WREX in Rockford IL.
The divestitures were needed since Gray Television already operates a TV station in those seven markets.
Allen Media also owns 12 networks, including The Weather Channel, The Grio, and the free-streaming service Local Now.
“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. Over the past year-and-a-half, we’ve invested close to $1 billion to acquire best-in-class, top-tier, broadcast network affiliates,” said Byron Allen, chairman and CEO of Allen Media Group, in a prepared statement.
“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 transaction is expected to be concluded in the third quarter of this year.
“We are thrilled to facilitate the transfer of these fine Quincy television stations to Byron Allen and Allen Media Group, who we are confident will continue the strong commitments to journalism and localism that have distinguished these stations under Quincy’s outstanding stewardship,” Gray’s Executive Chairman and CEO Hilton H. Howell said in a statement.