Talk about money moves!
PR Newswire reports that Byron Allen’s Allen Media Broadcasting (Allen Media) has purchased ABC affiliate WJRT-TV located in Flint, MI for $70 million in cash.
Once the deal is closed Allen Media, founded by Allen in 1993, will own and operate 24 local television stations in 20 markets. They will also own and operate 12 television networks which include The Weather Channel and the free-streaming service, Local Now.
The close of the Gray/Meredith transaction is reportedly anticipated to take place in the third or fourth quarter of this year (2021).
“We are delighted to win the process to add this wonderful local television station and its great employees to the fast-growing Allen Media Group family,” said Allen, Founder, Chairman, and CEO of Allen Media in an official press release. “Over the past year-and-a-half, we’ve invested close to $1 billion to acquire best-in-class, top-tier, broadcast network affiliates and 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 will work in concert to amplify our free-streaming service, Local Now.”
The WJRT-TV family is equally excited to embark on a new journey.
“Having to divest WJRT-TV, which we have proudly owned for the past seven years, in order to facilitate our purchase of Meredith’s television stations is bittersweet,” continued Gray’s Executive Chairman and CEO Hilton H. Howell. “The wonderful WJRT-TV staff has done an exemplary job serving the Flint–Saginaw community, and we are disappointed to lose them. Nevertheless, we are excited that Byron Allen and his team will follow us as the next dedicated stewards of this fine television station.”
In May of 2021, AfroTech reported Gray and Allen Media Group announced that Allen Media Group would acquire ten television stations that are currently owned by Quincy Media, Inc. for $380 million.