Thursday, March 28, 2024

Byron Allen Spends Almost $300 Million to Buy 11 Regional Broadcast TV Stations

Byron Allen
Byron Allen (Entertainment Studios)

*Byron Allen is making serious money moves again. The Hollywood based media mogul is purchasing 11 more television stations, according to Variety.com.

The deal, worth $290 million, with Atlanta-based USA Television, brings Allen’s investments this year in small- and mid-sized market TV stations to $455 million.

The stations Allen is purchasing cover markets such as Huntsville, Alabama, Fort Wayne, Indiana, Chico-Redding, Calif., and Eugene, Oregon. Allen won’t be involved in the day to day management, of course, as the stations will continue to be managed by the current team of USA TV and Heartland Media.

If you’ve been paying attention, you already know Allen has been building a portfolio of film and TV companies. In addition to producing and distributing film and TV shows — with 64 shows currently on the air — he owns nine 24-hour HD television networks now serving nearly 160 million subscribers, including The Weather Channel television network and its streaming service Local Now, according to TheWrap.

LEBRON JAMES PRAISES NEW CALIFORNIA LAW ALLOWING STUDENT ATHLETES TO BE PAID

“I have known Byron Allen for decades and we are delighted that these stations will now be part of his dynamic company and that Heartland management will continue to guide them,” USA Television CEO Robert S. Prather Jr. said in a statement. “These stations are dedicated to their local communities and this transaction will enable them to become even stronger on both their broadcast and digital platforms.”

“Bob Prather is an excellent broadcaster and he has done a brilliant job of assembling a stellar management team to operate these very strong network affiliate broadcast stations,” Allen said. “This is another milestone for our company, as we have now agreed to purchase our second broadcast network affiliate station group within the past three months, and continue to aggressively look for other opportunities to grow our global media company through strategic acquisitions.”

 

We Publish News 24/7. Don’t Miss A Story. Click HERE to SUBSCRIBE to Our Newsletter Now!

YOU MAY LIKE

SEARCH

- Advertisement -

TRENDING