CEO Byron Allen Acquires Honolulu ABC Network Affiliate TV Station For $30M
Photo Credit: Noam Galai/Getty Images for Bloomberg Businessweek
Byron Allen continues to make boss moves in the media industry with his acquisition of a new ABC affiliate television station, KITV.
According to a press release, the Allen Media Group — a division of Allen Media Broadcasting — has announced that it’s signed a purchase agreement for their possession of KITV-ABC 4 from SJL Broadcasting for $30 million.
Broadcast television station KITV operates multiple satellite stations and translators which allow rebroadcast programming outside of metropolitan Honolulu.
SJL Broadcasting is owned and operated by the Lilly Brothers — Kevin Lilly and Brian Lilly — and is a privately-owned American broadcasting company.
“SJL is proud of the commitment of our KITV family to serve the Hawaiian community. Allen Media Group recognizes the investment in news and will build on our success,” CEO Brian Lilly said.
In a written statement from Allen, the founder, chairman, and CEO of Allen Media Group, he stated:
“Over the past year we’ve invested over $500 million to acquire best-in-class, top-tier, broadcast network affiliates. We plan to invest approximately ten billion dollars to 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.”
Allen Media Broadcasting currently owns and operates 16 stations that stretch across 12 U.S. broadcast television markets. The purchase of the Honolulu ABC Network Affiliate, KITV, increases the number of Big-Four network affiliate broadcast television stations that they own and operate. The KITV portfolio of platforms includes Hawaii TV, MeTV, Heroes & Icons, and Start TV. It also includes a Washington DC-based news bureau and correspondent in their portfolio of platforms that happen to be a carriage of four digital cable networks.
In a recent interview, Allen shared his hopes of owning CNN one day, but for now, he also owns Entertainment Studios which — along with The Weather Channel — produces more than 60 syndicated shows and seven more 24-hour cable TV networks.
This acquisition is a huge win for Allen who just reached a $20 billion settlement with Comcast Cable that made its way to the Supreme Court where he lost by a unanimous 9-0 ruling.