Print
Los Angeles media mogul Byron Allen is expanding his broadcast TV empire with a $380 million cash purchase of seven stations, including outlets in Tucson and Madison, Wis.
Atlanta-based Gray Television Inc., struck a deal with Allen’s company because Gray must divest a handful of TV stations currently owned by Quincy Media Inc., to win federal approval for its $925-million takeover of a separate television company, Quincy Media.
The divestitures were required because Gray Television already operates a TV station in those seven markets.
The deal also includes stations that Quincy currently owns in Cedar Rapids, Iowa; Paducah, Ky.-Harrisburg, Ill.; La Cross-Eau Claire, Wis.; Wausau-Rhinelander, Wis.; and Rockford, Ill..