American businessman, TV producer, and philanthropist Byron Allen purchased Fox affiliate WCOV-TV for $28.5 million in cash.
Allen’s The Allen Media Group has just made another big bag in his efforts to invest in local media with the purchase of Fox affiliate WCOV-TV in Montgomery, Alabama. The Grio and AfroTech report that this latest acquisition leads him to now owning 36 television stations in 21 markets.
“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 in a statement to AfroTech. “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 The Grio.TV, Sports.TV, HBCUGo.TV, The Weather Channel en Español and Local Now.”
Over the course of 2021 alone, Allen has bought more than a dozen local broadcast stations. He’s also solidified 12 streaming stations, the news outlet reports. WCOV-TV’s former owner says Allen’s takeover of the station will only bring the outlet more success.
“The acquisition by Allen Media Group will allow WCOV, WIYC, and WALE to become even more competitive in the future and well-positioned for the advancing world of broadcast television,” said Woods, AfroTech reports. “We’ve known Byron Allen since 1980 when he was a co-host of the NBC program Real People.”
