Gray Television, Inc. reached an agreement Thursday to divest certain television stations currently owned by Quincy Media, Inc. to Byron Allen’s Allen Media Broadcasting, LLC for $380 million dollars in cash. Allen Media, which owns and operates local television stations in twelve markets, also owns 12 networks including The Weather Channel and the free-streaming service Local Now. Allen Media Group was founded by Byron Allen in 1993.
WEVV-TV is owned and operated by Allen Media Broadcasting.
Earlier this year, Gray reached an agreement to acquire Quincy for $925 million in cash. To facilitate regulatory approvals for this transaction, Gray agreed to sell to Allen Media the following television stations currently owned by Quincy, each of which operates in a market in which Gray also owns and operates a television station:
KVOA (NBC), Tucson, Arizona (Nielsen DMA Rank 64)
WKOW (ABC), Madison, Wisconsin (DMA 81)
WSIL / KPOB (ABC), Paducah, Kentucky- Harrisburg, Illinois (DMA 84)
KWWL (NBC), Cedar Rapids, Iowa (DMA 92)
WXOW / WQOW (ABC), La Crosse-Eau Claire, Wisconsin (DMA 129)
WAOW / WMOW (ABC), Wausau-Rhinelander, Wisconsin (DMA 136)
WREX (NBC), Rockford, Illinois (DMA 139)
Gray expects to close these transactions following receipt of regulatory and other approvals in the third quarter of 2021.
“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, Founder/Chairman/CEO of Allen Media Group. “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.”
About Allen Media Group / Entertainment Studios
Chairman and CEO Byron Allen founded Allen Media Group/Entertainment Studios in 1993. Headquartered in Los Angeles, it has offices in New York, Chicago, Atlanta, and Raleigh. Allen Media Group owns 23 ABC-NBC-CBS-FOX network affiliate broadcast television stations and ten 24-hour HD television networks serving nearly 180 million subscribers: THE WEATHER CHANNEL, PETS.TV, COMEDY.TV, RECIPE.TV, CARS.TV, ES.TV, MYDESTINATION.TV, JUSTICE CENTRAL.TV, THEGRIO.TV, and THIS TV. Allen Media Group will add its eleventh network, THE WEATHER CHANNEL EN ESPANOL in 2021. Allen Media Group also owns LOCAL NOW and THE GRIO free-streaming AVOD services, powered by THE WEATHER CHANNEL and content partners, which delivers real-time, hyper-local news, weather, traffic, sports, and lifestyle information. Allen Media Group also produces, distributes, and sells advertising for 67 television programs, making it one of the largest independent producers/distributors of first-run syndicated television programming for broadcast television stations. Allen Media Group International Television continues to extend its corporate branding and content around the globe. It currently has active license agreements and programming in South Africa, The United Arab Emirates, Australia, The Bahamas, Canada and New Zealand. With a library of over 5,000 hours of owned content across multiple genres, Allen Media Group provides video content to broadcast television stations, cable television networks, mobile devices, multimedia platforms, and the World Wide Web. Our mission is to provide excellent programming to our viewers, online users, and Fortune 500 advertising partners.