Allen Media Buys Gray’s WJRT For $70 Million
The sale of the ABC affiliate in Flint-Saginaw, Mich., will pave the way for closing Gray’s purchase of Meredith’s station group. It boosts Allen s portfolio to 24 stations in 20 markets.
By Mark K. Miller | July 14, 2021 | 5:36 p.m. ET.
Gray Television on Wednesday said it is selling WJRT, its ABC affiliate in Flint-Saginaw, Mich. (DMA 73), to Byron Allen’s Allen Media Broadcasting for $70 million dollars in cash.
Gray’s said the sale “facilitates regulatory approvals for its pending acquisition of the Local Media Group division of Meredith Corp. by removing the only market overlap between the respective television station portfolios of Gray and Meredith.”
ATLANTA, July 14, 2021 /PRNewswire/ Â Gray Television, Inc. (
Gray ) (NYSE: GTN)Â has reached an agreement to divest WJRT-TV, its ABC affiliate for the Flint-Saginaw, Michigan, television market, to Byron Allen s Allen Media Broadcasting, LLC (
Allen Media ) for $70 million dollars in cash. Â
Gray s sale of WJRT-TV facilitates regulatory approvals for its pending acquisition of the Local Media Group division of Meredith Corporation (
Meredith ) 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.
(Image credit: Entertainment Studios)
ATLANTA, Ga. Gray Television, Inc. has reached an agreement to divest WJRT-TV, its ABC affiliate for the Flint-Saginaw, Michigan, television market, to Byron Allen’s Allen Media Broadcasting, LLC for $70 million dollars in cash.
Gray’s sale of WJRT-TV facilitates regulatory approvals for its pending acquisition of the Local Media Group division of Meredith Corporation by removing the only market overlap between the respective television station portfolios of Gray and Meredith, Gray noted in announcing the deal.
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.
Byron Allen now owns 24 stations in 20 markets
The CEO of Allen Entertainment Group, the parent company of theGrio, has purchased ABC affiliate WJRT-TV in Flint Michigan for $70 million
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Byron Allen continues to expand his entertainment empire. The media mogul who is the founder, chairman, and CEO of Allen Media Group the parent company of
theGrio purchased his 24th TV station this week.
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