{"id":513240,"date":"2021-07-14T17:23:09","date_gmt":"2021-07-14T21:23:09","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/byron-allens-allen-media-broadcasting-buys-abc-affiliate-wjrt-tv-in-flint-michigan-from-gray-for-70-million\/"},"modified":"2021-07-14T17:23:09","modified_gmt":"2021-07-14T21:23:09","slug":"byron-allens-allen-media-broadcasting-buys-abc-affiliate-wjrt-tv-in-flint-michigan-from-gray-for-70-million","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/byron-allens-allen-media-broadcasting-buys-abc-affiliate-wjrt-tv-in-flint-michigan-from-gray-for-70-million\/","title":{"rendered":"BYRON ALLEN\u2019S ALLEN MEDIA BROADCASTING BUYS ABC AFFILIATE WJRT-TV IN FLINT, MICHIGAN FROM GRAY FOR $70 MILLION"},"content":{"rendered":"
\n

ATLANTA, July 14, 2021 (GLOBE NEWSWIRE) — Gray Television, Inc. (\u201cGray<\/strong>\u201d) (NYSE: GTN) has reached an agreement to divest WJRT-TV, its ABC affiliate for the Flint-Saginaw, Michigan, television market, to Byron Allen\u2019s Allen Media Broadcasting, LLC (\u201cAllen Media<\/strong>\u201d) for $70 million dollars in cash.<\/p>\n

Gray\u2019s sale of WJRT-TV facilitates regulatory approvals for its pending acquisition of the Local Media Group division of Meredith Corporation (\u201cMeredith<\/strong>\u201d) by removing the only market overlap between the respective television station portfolios of Gray and Meredith. The closing for the sale of WJRT-TV is expected to occur in the third or fourth quarter of 2021 prior to the closing of the Gray\/Meredith transaction and is subject to customary closing conditions. WJRT-TV General Manager Pete Veto will remain with Gray after the closing of this sale in a new position that Gray will announce at a later date.<\/p>\n

Allen Media Group was founded by Byron Allen in 1993. Upon closing, Allen Media will own and operate twenty-four local television stations in twenty markets, as well as twelve television networks including The Weather Channel and the free-streaming service Local Now. On April 29, 2021, Gray and Allen Media Group announced that Allen Media Group would acquire ten television stations currently owned by Quincy Media, Inc. for $380 million upon Gray\u2019s anticipated acquisition of Quincy in the third quarter.<\/p>\n

\u201cHaving to divest WJRT-TV, which we have proudly owned for the past seven years, in order to facilitate our purchase of Meredith\u2019s television stations is bittersweet,\u201d said Gray\u2019s Executive Chairman and CEO Hilton H. Howell. \u201cThe wonderful WJRT-TV staff has done an exemplary job serving the Flint-Saginaw community, and we are disappointed to lose them. Nevertheless, we are excited that Byron Allen and his team will follow us as the next dedicated stewards of this fine television station.\u201d<\/p>\n

\u201cWe are delighted to win the process to add this wonderful local television station and its great employees to the fast-growing Allen Media Group family,\u201d said Byron Allen, Founder, Chairman, and CEO of Allen Media Group. \u201cOver the past year-and-a-half, we’ve invested close to $1 billion to acquire best-in-class, top-tier, broadcast network affiliates and we plan to invest approximately\u00a0ten billion dollars\u00a0to 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 will work in concert to amplify our free-streaming service, Local Now.\u201d<\/p>\n

\n
\n About Gray Television<\/u>
\n <\/strong>
\n
Gray Television, headquartered in Atlanta, Georgia, is the largest owner of top-rated local television stations and digital assets in the United States. Upon the closing of its acquisitions of Quincy Media, Inc. and the television stations of Meredith Corporation, Gray will become the nation\u2019s second largest television broadcaster, with television stations serving 113 markets that reach approximately 36 percent of US television households. The pro forma portfolio includes 79 markets with the top-rated television station and 101 markets with the first and\/or second highest rated television station according to Comscore\u2019s audience measurement data. Gray also owns video program production, marketing, and digital businesses including Raycom Sports, Tupelo Honey, and RTM Studios, the producer of PowerNation programs and content and is the majority owner of Swirl Films.<\/p>\n

Wells Fargo Securities, LLC served as financial advisor to Gray.<\/p>\n

\n
\n About Allen Media Group\/Entertainment Studios<\/u>
\n <\/strong>
\n \n <\/p>\n

Chairman and CEO Byron Allen founded\u00a0Allen Media Group\/Entertainment Studios<\/strong>\u00a0in 1993. Headquartered in Los Angeles, it has offices in New York, Chicago, Atlanta, and Raleigh. Allen Media Group<\/strong> owns 24 ABC-NBC-CBS-FOX network affiliate broadcast television stations in 20 U.S. markets and twelve 24-hour HD television networks serving nearly 180 million subscribers: THE WEATHER CHANNEL<\/strong>, PETS.TV<\/strong>, COMEDY.TV<\/strong>, RECIPE.TV<\/strong>, CARS.TV<\/strong>, ES.TV<\/strong>, MYDESTINATION.TV<\/strong>, JUSTICE CENTRAL.TV<\/strong>, THEGRIO.TV<\/strong>, THIS TV<\/strong>, LOCAL NOW TV<\/strong>, and PATTRN<\/strong>. Allen Media Group<\/strong> will add its thirteenth network,\u00a0THE WEATHER CHANNEL EN ESPANOL\u00a0<\/strong>in 2022. Allen Media Group<\/strong> also owns LOCAL NOW\u00a0<\/strong>and THE GRIO <\/strong>free–<\/strong>streaming AVOD services, powered by\u00a0THE WEATHER CHANNEL<\/strong>\u00a0and content partners, which delivers real-time, hyper-local news, weather, traffic, sports, and lifestyle information. Allen Media Group<\/strong> also produces, distributes, and sells advertising for 68 television programs, making it one of the largest independent producers\/distributors of first-run syndicated television programming for broadcast television stations.\u00a0Allen Media Group International<\/strong>Television<\/strong> continues to extend its corporate branding and content around the globe.\u00a0\u00a0It currently has active license agreements and programming in South Africa, The United Arab Emirates, Australia, The Bahamas, Canada and New Zealand.\u00a0\u00a0With a library of over 5,000 hours of owned content across multiple genres,\u00a0Allen Media Group <\/strong>provides video content to broadcast television stations, cable television networks, mobile devices, multimedia platforms, and the World Wide Web. \u00a0Our mission is to provide excellent programming to our viewers, online users, and Fortune 500 advertising partners.<\/p>\n

Entertainment Studios Motion Pictures\u00a0<\/strong>is a full-service, theatrical motion picture distribution company specializing in wide release commercial content. ESMP released 2017’s highest-grossing independent movie, the shark thriller\u00a047 METERS DOWN<\/strong>, which grossed over $44.3 million. In 2018, ESMP also released the critically-acclaimed and commercially successful Western\u00a0HOSTILES<\/strong>, the historic mystery-thriller\u00a0CHAPPAQUIDDICK\u00a0<\/strong>and the sequel to\u00a047 METERS DOWN<\/strong>,\u00a047 METERS DOWN: UNCAGED<\/strong>.\u00a0The digital distribution unit of\u00a0Entertainment Studios Motion Pictures<\/strong>,\u00a0Freestyle Digital Media<\/strong>, is a premiere multi-platform distributor with direct partnerships across all major cable, digital and streaming platforms. Capitalizing on a robust infrastructure, proven track record and a veteran sales team,\u00a0Freestyle Digital Media<\/strong>\u00a0is a true home for independent films.<\/p>\n

In 2016, Allen Media Group<\/strong> purchased\u00a0The Grio<\/strong>, a highly-rated digital video-centric news community platform devoted to providing African-Americans with compelling stories and perspectives currently underrepresented in existing national news outlets.\u00a0The Grio <\/strong>features aggregated and original video packages, news articles and opinion pieces on topics that include breaking news, politics, health, business and entertainment. Originally launched in 2009, the platform was then purchased by NBC News in 2010. The digital platform remains focused on curating exciting digital content and currently has more than 100 million annual visitors. For more information, visit: www.entertainmentstudios.com<\/a><\/p>\n

\u200d<\/u><\/strong>Forward-Looking Statements:<\/u><\/strong><\/p>\n

This press release contains certain forward looking statements that are based largely on Gray\u2019s current expectations and reflect various estimates and assumptions by Gray. These statements are statements other than those of historical fact, and may be identified by words such as \u201cestimates\u201d, \u201cexpect,\u201d \u201canticipate,\u201d \u201cwill,\u201d \u201cimplied,\u201d \u201cassume\u201d and similar expressions. Forward looking statements are subject to certain risks, trends and uncertainties that could cause actual results and achievements to differ materially from those expressed in such forward looking statements. Such risks, trends and uncertainties, which in some instances are beyond Gray\u2019s control, include Gray\u2019s ability to complete its pending acquisition of Meredith and Quincy, pending divestiture of WJRT-TV or other pending transactions, on the terms and within the timeframe currently contemplated, any material regulatory or other unexpected requirements in connection therewith, or whether expected synergies can be achieved on a timely basis or at all, the impact of recently completed transactions, estimates of future retransmission revenue, future expenses and other future events. Gray is subject to additional risks and uncertainties described in Gray\u2019s quarterly and annual reports filed with the Securities and Exchange Commission from time to time, including in the \u201cRisk Factors,\u201d and management\u2019s discussion and analysis of financial condition and results of operations sections contained therein, which reports are made publicly available via its website, www.gray.tv. Any forward-looking statements in this communication should be evaluated in light of these important risk factors. This presentation reflects management\u2019s views as of the date hereof. Except to the extent required by applicable law, Gray undertakes no obligation to update or revise any information contained in this communication beyond the date hereof, whether as a result of new information, future events or otherwise.<\/p>\n

#\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0#\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0#<\/p>\n

\n
\n
\n \n <\/div>\n

\n
Gray Contacts:\r\nKevin P. Latek, Executive Vice President, Chief Legal and Development Officer, 404-266-8333\r\nJim Ryan, Executive Vice President and Chief Financial Officer, 404-504-9828\r\nwww.gray.tv\r\n\r\nAllen Media Group Contact:\r\nEric Peterkofsky, Allen Media Group\/Entertainment Studios\r\n310-277-3500 x124\u00a0 eric@es.tv<\/pre>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"
ATLANTA, July 14, 2021 (GLOBE NEWSWIRE) — Gray Television, Inc. (\u201cGray\u201d) (NYSE: GTN) has reached an agreement to divest WJRT-TV, its ABC affiliate for the Flint-Saginaw, Michigan, television market, to Byron Allen\u2019s Allen Media Broadcasting, LLC (\u201cAllen Media\u201d) for $70 million dollars in cash. Gray\u2019s sale of WJRT-TV facilitates regulatory approvals for its pending acquisition of the Local Media Group division of Meredith Corporation (\u201cMeredith\u201d) by removing the only market overlap between the respective television station portfolios of Gray and Meredith. The closing for the sale of WJRT-TV is expected to occur in the third or fourth quarter of 2021 prior to the closing of the Gray\/Meredith transaction and is subject to customary closing conditions. WJRT-TV General Manager Pete Veto … <\/p>\n
Continue reading “BYRON ALLEN\u2019S ALLEN MEDIA BROADCASTING BUYS ABC AFFILIATE WJRT-TV IN FLINT, MICHIGAN FROM GRAY FOR $70 MILLION”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-513240","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nBYRON ALLEN\u2019S ALLEN MEDIA BROADCASTING BUYS ABC AFFILIATE WJRT-TV IN FLINT, MICHIGAN FROM GRAY FOR $70 MILLION - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/byron-allens-allen-media-broadcasting-buys-abc-affiliate-wjrt-tv-in-flint-michigan-from-gray-for-70-million\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BYRON ALLEN\u2019S ALLEN MEDIA BROADCASTING BUYS ABC AFFILIATE WJRT-TV IN FLINT, MICHIGAN FROM GRAY FOR $70 MILLION - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"ATLANTA, July 14, 2021 (GLOBE NEWSWIRE) — Gray Television, Inc. (\u201cGray\u201d) (NYSE: GTN) has reached an agreement to divest WJRT-TV, its ABC affiliate for the Flint-Saginaw, Michigan, television market, to Byron Allen\u2019s Allen Media Broadcasting, LLC (\u201cAllen Media\u201d) for $70 million dollars in cash. Gray\u2019s sale of WJRT-TV facilitates regulatory approvals for its pending acquisition of the Local Media Group division of Meredith Corporation (\u201cMeredith\u201d) by removing the only market overlap between the respective television station portfolios of Gray and Meredith. The closing for the sale of WJRT-TV is expected to occur in the third or fourth quarter of 2021 prior to the closing of the Gray\/Meredith transaction and is subject to customary closing conditions. 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(\u201cGray\u201d) (NYSE: GTN) has reached an agreement to divest WJRT-TV, its ABC affiliate for the Flint-Saginaw, Michigan, television market, to Byron Allen\u2019s Allen Media Broadcasting, LLC (\u201cAllen Media\u201d) for $70 million dollars in cash. Gray\u2019s sale of WJRT-TV facilitates regulatory approvals for its pending acquisition of the Local Media Group division of Meredith Corporation (\u201cMeredith\u201d) by removing the only market overlap between the respective television station portfolios of Gray and Meredith. The closing for the sale of WJRT-TV is expected to occur in the third or fourth quarter of 2021 prior to the closing of the Gray\/Meredith transaction and is subject to customary closing conditions. 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