Byron Allen Spends $290 Million to Acquire 11 TV Stations

Even though he is headed to the Supreme Court on November 13th to sue Comcast and Charter Communications for $20 billion and $10 billion respectively over racial biases for not carrying his channels, Byron Allen is still making deals. The former comedian and now media business man has just purchased 11 television stations for a whooping $290 million. Allen Media Broadcasting is acquiring network affiliates to include ABC, NBC, FOX, and CBS from television broadcast stations from USA Television Holdings L.L.C. and USA Television MidAmerica Holdings L.L.C.

Of the deal, USA Television CEO Robert S. Prather said, “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. 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.”

Byron Allen followed up saying in a press release, “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. 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.”

Byron Allen has been on a roll with acquisitions as of late. Going back to last year, his company, Entertainment Studios purchased The Weather Channel for $300 million. In July of this year, he finalized a $165 million deal in which his company acquired 4 local television stations from Bayou City Broadcasting in Evansville, IN, and Lafayette. Also, in May, he acquired 21 regional sports networks from Walt Disney/FOX Corporation in conjunction with Sinclair Broadcasting Group.

Image Source: Broadcasting Cable

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