LOS ANGELES—Allen Media Broadcasting (AMG) has completed its acquisition of 10 stations from Gray TV, bringing the total number of local stations owned to 25. The deal is valued at $380 million.
As part of its divestiture agreement, Gray agreed to sell to AMG 10 television stations owned by Quincy, each of which operates in a market in which Gray also owns and operates a television station.
"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 have 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."
When Gray’s acquisition of Meredith Corp. is completed later this year, Gray will become the owner and operator of Meredith’s 17 local television stations across 12 local markets, making the company the nation’s second largest television broadcaster, with a portfolio of television stations serving 113 local markets reaching approximately 36 percent of US television households.
