Byron Allen Sells 10 TV Stations For $171 Million
Byron Allen’s Allen Media Group has reached a deal to promote 10 native tv stations to Gray Media for $171 million, the businesses introduced at the moment. The settlement, which is topic to FCC and different customary approvals, is anticipated to shut within the fourth quarter.
The sale will develop Gray’s broadcast footprint into three new markets — Columbus–Tupelo, Mississippi; Terre Haute, Indiana; and West Lafayette, Indiana — whereas additionally strengthening its presence in seven current areas. Gray mentioned the acquisition will create new duopolies that permit for expanded native information, climate, and sports activities protection in these communities.
The stations concerned within the deal embrace WAAY (ABC) in Huntsville, Alabama; WSIL (ABC) within the Paducah–Cape Girardeau–Harrisburg market; WEVV (CBS/FOX) in Evansville, Indiana; WFFT (FOX) in Fort Wayne, Indiana; WCOV (FOX) in Montgomery, Alabama; KADN (FOX/NBC) in Lafayette, Louisiana; WTVA (ABC/NBC) in Columbus–Tupelo, Mississippi; WREX (NBC) in Rockford, Illinois; WTHI (CBS/FOX) in Terre Haute, Indiana; and WLFI (CBS) in West Lafayette, Indiana.
Gray expects the deal to shut by 12 months’s finish, pending regulatory clearance and sure FCC possession rule waivers. The acquisition is a part of Gray’s technique to extend market attain and diversify its programming portfolio, whereas boosting promoting capabilities.
For Allen, the transfer marks the primary important step in a broader plan to promote a portion of his station portfolio. In June, he employed funding financial institution Moelis & Co. to discover presents for 28 network-affiliate stations in mid-sized and smaller markets throughout the U.S. The 10 stations offered to Gray signify the opening chapter in that divestment course of.
Allen launched his media career greater than three many years in the past with a single syndicated discuss present he hosted. His firm has since grown right into a multi-platform operation that features the Weather Channel, a number of life-style networks, and digital properties corresponding to The Grio and HBCU Go.
The transaction displays ongoing consolidation tendencies within the broadcast tv sector, the place scale has grow to be important to compete with streaming and digital retailers. For Gray, the deal presents strategic leverage; for Allen, it supplies a possibility to focus on core holdings and pursue new ventures in content material creation and distribution.
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