Finance

Grey to promote Quincy Media Transaction disposal stations to Allen Media for $ 380 million – Yahoo Finance

ATLANTA, April 29, 2021 (GLOBE NEWSWIRE) – Gray Television, Inc. ("Gray") (NYSE: GTN) today entered into an agreement to divest certain television networks currently owned by Quincy Media, Inc. ("Quincy") To Allen Media Broadcasting, LLC by Byron Allen ("Allen Media”) For $ 380 million in cash. Allen Media, which owns and operates local television stations in twelve markets, also owns 12 networks, including The Weather Channel and the free streaming service Local Now. The Allen Media Group was founded in 1993 by Byron Allen.

Earlier this year, Gray reached an agreement to acquire Quincy for $ 925 million in cash. To facilitate regulatory approvals for this transaction, Gray agreed to sell the following television stations, currently owned by Quincy, to Allen Media, each of which operates in a market in which Gray also owns and operates a television station:

KVOA (NBC), Tucson, Arizona (Nielsen DMA Rank 64)
WKOW (ABC), Madison, Wisconsin (DMA 81)
WSIL / KPOB (ABC), Paducah, Kentucky-Harrisburg, Illinois (DMA 84)
KWWL (NBC), Cedar Rapids, Iowa (DMA 92)
WXOW / WQOW (ABC), La Crosse-Eau Claire, Wisconsin (DMA 129)
WAOW / WMOW (ABC), Wausau-Rhinelander, Wisconsin (DMA 136)
WREX (NBC), Rockford, Illinois (DMA 139)

The acquisition of Quincy by Gray and the sale of the aforementioned Quincy stations to Allen Media by Gray will be completed at the same time. Therefore, at no time will Gray own, control or operate any of the sold television stations. Gray expects these transactions to close in the third quarter of 2021 upon receipt of regulatory and other approvals.

“I really appreciate Gray and Quincy, two of the best broadcast groups in the business, who have worked with us to acquire and broadcast these amazing assets. Over the past year and a half, we've invested nearly $ 1 billion to acquire world-class, world-class broadcast network subsidiaries, ”said Byron Allen, Founder / Chairman / CEO of Allen Media Group. “We plan to invest approximately $ 10 billion in the next two years to acquire additional ABC, CBS, NBC and FOX television networks to become the largest television group in America. All of our media, including these television networks, will work together to expand our free streaming service, Local Now. "

The story goes on

"We are delighted to facilitate the transmission of these great Quincy television stations to Byron Allen and Allen Media Group. We are confident that we will continue the strong commitment to journalism and locality that characterizes these stations under the great leadership of Quincy." said Gray & # 39; s Executive Chairman and CEO Hilton H. Howell.

About gray television

Gray Television, headquartered in Atlanta, Georgia, is the largest owner of world-class local television channels and digital assets in the United States. Upon completion of the Quincy Media, Inc. acquisition, Gray will own television stations serving 102 television markets that collectively represent 25.4 percent of US television households, including the number one television network in 77 markets and the first and / or second according to Comscores Average all-day rating for the 2020 calendar year, Gray is the top-ranked TV station in 93 markets. Gray also owns video programming, marketing and digital media companies including Raycom Sports, Tupelo Honey and RTM Studios, producers of PowerNation programs and content, and is the majority owner of Swirl Films.

Wells Fargo Securities, LLC was Gray's financial advisor.

Via Allen Media Group / Entertainment Studios
Founded Chairman and CEO Byron Allen All media group / entertainment studios The company is headquartered in Los Angeles with offices in New York, Chicago, Atlanta and Raleigh. Allen Media Group owns 23 TV channels connected to the ABC-NBC-CBS-FOX network and 10 24-hour HD TV channels, serving nearly 180 million subscribers: THE WEATHER CANAL, PETS.TV, COMEDY.TV, RECIPE.TV, CARS.TV, ES.TV, MYDESTINATION.TV, JUSTICE CENTRAL.TV, THEGRIO.TV, and THIS TV. Allen Media Group will add its eleventh network, THE WEATHER CHANNEL EN ESPANOL in 2021. Allen Media Group also owns NOW LOCAL and THE GRIO free– –Streaming of AVOD services supported by THE WEATHER CANAL and content partners that deliver real-time, hyperlocal news, weather, traffic, sports and lifestyle information. Allen Media Group also produces, distributes and sells advertising for 67 television programs, making it one of the largest independent producers / distributors of premier syndicated television programs for television stations. Allen Media Group International watch TV continues to expand its corporate branding and content worldwide. There are currently active licensing agreements and programs in place in South Africa, the United Arab Emirates, Australia, the Bahamas, Canada and New Zealand. With a library of over 5,000 hours of its own content in various genres Allen Media Group provides video content for television broadcasters, cable television networks, mobile devices, multimedia platforms and the World Wide Web. Our mission is to provide a great program to our viewers, online users, and Fortune 500 advertising partners.

Entertainment studios movies is a full-service motion picture distribution company specializing in wide-release commercial content. ESMP released the most successful independent film in 2017, the shark thriller 47 METERS BELOW, which grossed over $ 44.3 million. In 2018, ESMP also released the critically acclaimed and commercially successful Western HOSTILES, the historical mystery thriller CHAPPAQUIDDICK and the continuation of 47 METERS BELOW, 47 METERS BELOW: UNCUTTENED. The digital distribution unit from Entertainment studios movies, Freestyle digital mediais a leading multi-platform distributor with direct partnerships across all major cable, digital and streaming platforms. Benefit from a robust infrastructure, a proven track record and an experienced sales team. Freestyle digital media is a true home for independent films.

In 2016 Allen Media Group Bought The Grio, a highly rated digital video-centric news community platform delivering compelling stories and perspectives to African Americans that are currently underrepresented in existing national news outlets. The Grio offers aggregated and original video packages, news articles and opinion pieces on topics such as breaking news, politics, health, business and entertainment. Originally launched in 2009, NBC News bought the platform in 2010. The digital platform continues to focus on curating exciting digital content and currently has more than 100 million annual visitors. Further information can be found at: www.entertainmentstudios.com

# # #

CONTACT: Gray contacts: www.gray.tv Kevin P. Latek, Executive Vice President, Chief Legal and Development Officer, 404-266-8333 Jim Ryan, Executive Vice President and Chief Financial Officer, 404-504-9828 Allen Media Group Contact : Eric Peterkofsky Allen Media Group / Entertainment Studios 310-277-3500 x124 eric@es.tvhttp://finance.yahoo.com/ "src =" http://finance.yahoo.com/ "data-src =" https://s.yimg.com/ny/api/res/1.2/1gCEipKYrrkfxAG710go1g- - / YXBwaWQ9aGlnaGxhbmRlcjt3PTM2O2g9MzY- / https: //ml.globenewswire.com/release/track/e54c9142-1373-4db7-b227-81dc41813c51 "height =" 1 "width =" 1 "/>

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		<script type={"@context":"http:\/\/schema.org","@type":"Article","dateCreated":"2021-04-30T16:00:30+00:00","datePublished":"2021-04-30T16:00:30+00:00","dateModified":"2021-04-30T16:00:31+00:00","headline":"Grey to promote Quincy Media Transaction disposal stations to Allen Media for $ 380 million – Yahoo Finance","name":"Grey to promote Quincy Media Transaction disposal stations to Allen Media for $ 380 million – Yahoo Finance","keywords":[],"url":"https:\/\/cooperativeconsult.com\/grey-to-promote-quincy-media-transaction-disposal-stations-to-allen-media-for-380-million-yahoo-finance\/","description":"ATLANTA, April 29, 2021 (GLOBE NEWSWIRE) - Gray Television, Inc. ("Gray") (NYSE: GTN) today entered into an agreement to divest certain television networks currently owned by Quincy Media, I","copyrightYear":"2021","articleSection":"Finance","articleBody":"ATLANTA, April 29, 2021 (GLOBE NEWSWIRE) - Gray Television, Inc. ("Gray") (NYSE: GTN) today entered into an agreement to divest certain television networks currently owned by Quincy Media, Inc. ("Quincy") To Allen Media Broadcasting, LLC by Byron Allen ("Allen Media\u201d) For $ 380 million in cash. Allen Media, which owns and operates local television stations in twelve markets, also owns 12 networks, including The Weather Channel and the free streaming service Local Now. The Allen Media Group was founded in 1993 by Byron Allen.Earlier this year, Gray reached an agreement to acquire Quincy for $ 925 million in cash. To facilitate regulatory approvals for this transaction, Gray agreed to sell the following television stations, currently owned by Quincy, to Allen Media, each of which operates in a market in which Gray also owns and operates a television station:KVOA (NBC), Tucson, Arizona (Nielsen DMA Rank 64)WKOW (ABC), Madison, Wisconsin (DMA 81)WSIL \/ KPOB (ABC), Paducah, Kentucky-Harrisburg, Illinois (DMA 84)KWWL (NBC), Cedar Rapids, Iowa (DMA 92)WXOW \/ WQOW (ABC), La Crosse-Eau Claire, Wisconsin (DMA 129)WAOW \/ WMOW (ABC), Wausau-Rhinelander, Wisconsin (DMA 136)WREX (NBC), Rockford, Illinois (DMA 139)The acquisition of Quincy by Gray and the sale of the aforementioned Quincy stations to Allen Media by Gray will be completed at the same time. Therefore, at no time will Gray own, control or operate any of the sold television stations. Gray expects these transactions to close in the third quarter of 2021 upon receipt of regulatory and other approvals.\u201cI really appreciate Gray and Quincy, two of the best broadcast groups in the business, who have worked with us to acquire and broadcast these amazing assets. Over the past year and a half, we've invested nearly $ 1 billion to acquire world-class, world-class broadcast network subsidiaries, \u201dsaid Byron Allen, Founder \/ Chairman \/ CEO of Allen Media Group. \u201cWe plan to invest approximately $ 10 billion in the next two years to acquire additional ABC, CBS, NBC and FOX television networks to become the largest television group in America. All of our media, including these television networks, will work together to expand our free streaming service, Local Now. "The story goes on"We are delighted to facilitate the transmission of these great Quincy television stations to Byron Allen and Allen Media Group. We are confident that we will continue the strong commitment to journalism and locality that characterizes these stations under the great leadership of Quincy." said Gray & # 39; s Executive Chairman and CEO Hilton H. Howell.About gray televisionGray Television, headquartered in Atlanta, Georgia, is the largest owner of world-class local television channels and digital assets in the United States. Upon completion of the Quincy Media, Inc. acquisition, Gray will own television stations serving 102 television markets that collectively represent 25.4 percent of US television households, including the number one television network in 77 markets and the first and \/ or second according to Comscores Average all-day rating for the 2020 calendar year, Gray is the top-ranked TV station in 93 markets. Gray also owns video programming, marketing and digital media companies including Raycom Sports, Tupelo Honey and RTM Studios, producers of PowerNation programs and content, and is the majority owner of Swirl Films.Wells Fargo Securities, LLC was Gray's financial advisor.Via Allen Media Group \/ Entertainment StudiosFounded Chairman and CEO Byron Allen All media group \/ entertainment studios The company is headquartered in Los Angeles with offices in New York, Chicago, Atlanta and Raleigh. Allen Media Group owns 23 TV channels connected to the ABC-NBC-CBS-FOX network and 10 24-hour HD TV channels, serving nearly 180 million subscribers: THE WEATHER CANAL, PETS.TV, COMEDY.TV, RECIPE.TV, CARS.TV, ES.TV, MYDESTINATION.TV, JUSTICE CENTRAL.TV, THEGRIO.TV, and THIS TV. Allen Media Group will add its eleventh network, THE WEATHER CHANNEL EN ESPANOL in 2021. Allen Media Group also owns NOW LOCAL and THE GRIO free- -Streaming of AVOD services supported by THE WEATHER CANAL and content partners that deliver real-time, hyperlocal news, weather, traffic, sports and lifestyle information. Allen Media Group also produces, distributes and sells advertising for 67 television programs, making it one of the largest independent producers \/ distributors of premier syndicated television programs for television stations. Allen Media Group International watch TV continues to expand its corporate branding and content worldwide. There are currently active licensing agreements and programs in place in South Africa, the United Arab Emirates, Australia, the Bahamas, Canada and New Zealand. With a library of over 5,000 hours of its own content in various genres Allen Media Group provides video content for television broadcasters, cable television networks, mobile devices, multimedia platforms and the World Wide Web. Our mission is to provide a great program to our viewers, online users, and Fortune 500 advertising partners.Entertainment studios movies is a full-service motion picture distribution company specializing in wide-release commercial content. ESMP released the most successful independent film in 2017, the shark thriller 47 METERS BELOW, which grossed over $ 44.3 million. In 2018, ESMP also released the critically acclaimed and commercially successful Western HOSTILES, the historical mystery thriller CHAPPAQUIDDICK and the continuation of 47 METERS BELOW, 47 METERS BELOW: UNCUTTENED. The digital distribution unit from Entertainment studios movies, Freestyle digital mediais a leading multi-platform distributor with direct partnerships across all major cable, digital and streaming platforms. Benefit from a robust infrastructure, a proven track record and an experienced sales team. Freestyle digital media is a true home for independent films.In 2016 Allen Media Group Bought The Grio, a highly rated digital video-centric news community platform delivering compelling stories and perspectives to African Americans that are currently underrepresented in existing national news outlets. The Grio offers aggregated and original video packages, news articles and opinion pieces on topics such as breaking news, politics, health, business and entertainment. Originally launched in 2009, NBC News bought the platform in 2010. The digital platform continues to focus on curating exciting digital content and currently has more than 100 million annual visitors. Further information can be found at: www.entertainmentstudios.com# # #CONTACT: Gray contacts: www.gray.tv Kevin P. Latek, Executive Vice President, Chief Legal and Development Officer, 404-266-8333 Jim Ryan, Executive Vice President and Chief Financial Officer, 404-504-9828 Allen Media Group Contact : Eric Peterkofsky Allen Media Group \/ Entertainment Studios 310-277-3500 x124 eric@es.tv","publisher":{"@id":"#Publisher","@type":"Organization","name":"COOPERATIVE CONSULT","logo":{"@type":"ImageObject","url":"http:\/\/cooperativeconsult.com\/wp-content\/uploads\/2020\/09\/COOPERATIVE-CONSULT.png"}},"sourceOrganization":{"@id":"#Publisher"},"copyrightHolder":{"@id":"#Publisher"},"mainEntityOfPage":{"@type":"WebPage","@id":"https:\/\/cooperativeconsult.com\/grey-to-promote-quincy-media-transaction-disposal-stations-to-allen-media-for-380-million-yahoo-finance\/","breadcrumb":{"@id":"#Breadcrumb"}},"author":{"@type":"Person","name":"admin","url":"https:\/\/cooperativeconsult.com\/author\/admin\/"},"image":{"@type":"ImageObject","url":"https:\/\/cooperativeconsult.com\/wp-content\/uploads\/2021\/04\/Gray-to-sell-Quincy-Media-Transaction-disposal-stations-to-Allen.jpeg","width":696,"height":199}}

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