Entertainment mogul Byron Allen expands his empire.
Deadline reports that Allen's Entertainment Studios Networks has bought 11 broadcast television networks from USA Television MidAmerica Holdings LLC and USA Television Holdings LLC (USA TV collectively). The total cost of the television networks comes to $305 million.
The acquisition cements Allen's commitment to expanding his foothold in broadcast television as well as strengthening the foothold of said stations.
"These stations are dedicated to their local communities and this transaction will enable them to become even stronger on both their broadcast and digital platforms," said Robert Prather Jr., CEO of USA Television, in a statement according to Deadline.
"Over the past six months we've invested nearly $500 million to acquire best-in-class, top-tier, broadcast network affiliates," said Allen in a statement, according to Deadline, adding that he plans to invest "approximately $10 billion to acquire ABC, CBS, NBC and Fox television stations over the next three years with the goal of being one of the largest broadcast television groups in America."
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