Many cord cutters have found that they can drop expensive cable packages and still enjoy many of their local channels with an antenna. Antenna sales are on the rise with many choosing this free alternative for watching local TV. Media companies are taking note of the popularity of OTA TV and are willing to make big investments to own those channels.
Earlier this week, we reported that Gray Television and an investment group were in the running to buy Tegna Television and its 66 television stations. Now, media entrepreneur Byron Allen has entered the bidding war, reportedly making an all cash offer of $8.5 billion, according to a source for Deadline.
The offer was in line with other offers from Gray Television and Apollo Global Management, but the all cash offer will likely be attractive to Tegna.
Byron Allen’s Allen Media Broadcasting recently made a deal to acquire 11 stations from USA Television Holdings LLC and USA Television MidAmerica Holdings LLC. In total, Allen has spent around $500 million in the past 6 months while collecting stations. Allen Media has commented that it plans to invest $10 billion over the next three years.
A spokesman for Tegna said, “Tegna’s policy is not to comment on market rumors.”
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