Byron Allen’s company, The Allen Group, bought a FOX news station in Montgomery, Alabama. The Allen Group’s division Allen Media Broadcasting paid $28.5 million in cash to buy FOX affiliate WCOV-TV from Woods Communications Corporation, owned by David Woods.
A purchase agreement was signed, and the deal is expected to be finalized sometime next year. The CEO and Chairman of Allen Media Group stated the purchase puts him on track to become the nation’s largest broadcast television media group.
“WCOV-TV is an excellent asset and has been extremely well-managed for decades by the Woods family, who I’ve known for over 35 years,” said Allen. “Over the past two years, we’ve invested approximately $1 billion to acquire best-in-class, top-tier, Big 4 broadcast network affiliates and we plan to invest significantly more to acquire additional ABC, CBS, NBC, and FOX television stations with the goal of being the largest broadcast television group in America. All of our media assets work in concert to amplify our free-streaming services theGrio.TV, Sports.TV, HBCUGo.TV, The Weather Channel en Español, and Local Now.”
Allen Media Broadcasting now owns 36 television stations in the country, while The Allen Media Group owns 16 television stations. The companies are owned across 21 and 12 U.S markets, respectively.
Allen’s media group has been purchasing television stations since July 2019, when he bought Bayou City Broadcasting for $165 million. He acquired four television stations in the deal, including Lafayette, La. and Evansville, Ind.
In addition to his recent business deals, the media mogul was honored with a star on the Hollywood Walk of Fame in October.
Comedian and media mogul received a star on the Hollywood Walk of Fame Wednesday. https://t.co/p9guqKGn7p
— CBS Los Angeles (@CBSLA) October 20, 2021
Allen began his career when he was 18-years-old as a comedian on The Tonight Show, Starring Johnny Carson in 1979. Allen was the youngest comedian to have appeared on the show. He founded Entertainment Studios/Allen Media Group in 1993 and now has offices in Chicago, New York, Atlanta and Raleigh.
Allen also owns free-streaming services theGrio, HBCUGo.TV, The Weather Channel en Español, Sports.TV and Local Now.