Byron Allen continues to prove he’s the man with a plan.
According to The Grio, The Allen Media Group — which also, incidentally, owns the outlet — has just signed a deal to acquire a local Fox affiliate in Montgomery, AL.
The acquisition, which will cost $28.5 million in pure cash, means that Byron Allen will own 36 television stations in 21 markets.
“WCOV-TV is an excellent asset and has been extremely well-managed for decades by the Woods family, who I’ve known for over 35 years,” Byron Allen, the chairman and CEO of Allen Media Group/Entertainment Studios, said in an exclusive statement to the outlet. “Over the past two years, we’ve invested approximately $1 billion to acquire best-in-class, top-tier, Big 4 broadcast network affiliates, and we plan to invest significantly more to acquire additional ABC, CBS, NBC, and FOX television stations with the goal of being the largest broadcast television group in America. All of our media assets work in concert to amplify our free-streaming services theGrio.TV, Sports.TV, HBCUGo.TV, The Weather Channel en Español and Local Now.”
As the outlet further reported, Allen has acquired more than a dozen local broadcast stations in 2021 alone. Since founding the Allen Media Group in 1993, the mogul has also added 12 streaming stations to his broadcast war chest. What’s more, his acquisition of this Alabama station — whose call letters are WCOV-TV — will also include several digital media assets.
And the former owner of the station — David Woods of Woods Communications Corporation — is delighted with the deal.
“The acquisition by Allen Media Group will allow WCOV, WIYC, and WALE to become even more competitive in the future and well-positioned for the advancing world of broadcast television,” said Woods. “We’ve known Byron Allen since 1980 when he was a co-host of the NBC program Real People.”
The deal is expected to close sometime next year.
Byron Allen's Tegna Deal
As AfroTech previously reported, Tegna is a multi-media company that owns more than 64 radio and television stations that reaches more than 50 markets across the United States.
Allen, who already owns The Weather Channel, also already owns 33 affiliate television stations. He is reportedly in negotiations with Oaktree Capital Management, Fortress Investment Group, and Ares Management to close the deal.
The deal is reportedly worth more than $8 billion.