A lot has been happening in the world of broadcast TV, with potential deals and shake-ups seemingly always around the corner. The latest turn comes from Byron Allen, CEO of the company that owns The Weather Channel and Local Now, who is reportedly in the process of a possible deal with Scripps to buy some of its smaller TV stations.
Exact details are unknown, but Bloomberg reports that the Allen Media Group is trying to raise at least $200 million to help fund the purchase. This news comes after the Allen Media Group has been trying to buy multiple media properties over recent years, including making offers for Disney’s ABC assets and Paramount’s BET just this year.
The Allen Media Group is best known for owning The Weather Channel’s TV channel and the free streaming service Local Now. It also owns a collection of other cable and digital nets, including Automotive.tv, Cars.TV, Comedy.TV, ES.TV, MyDestination.TV, Pets.TV, and Recipes.TV. The company appears to be looking for the right next step as it continues to build out its network of TV assets.
Allen Media Group already owns a collection of local TV stations in 24 markets, offering ABC, CBS, FOX, and NBC affiliates along with a few independent channels. Adding some Scripps Networks would continue to help the company expand its reach.
For Scripps, selling off a few smaller TV stations could help it focus on its growing sports business. Recently, it has been trying to strike deals with MLB, NHL, an NBA teams to replace Bally Sports if that RSN shutdown. Scripps could use money from the sale of a few smaller TV stations to help fund this push into sports.
Over the last 10 years, there has been great consolidation within the local TV market. A growing number of later smaller TV station owners are being bought up by bigger ones. Now it seems Scripps may at least be open to letting go of a few of its smaller stations.
Cord Cutters News has reached out to Scripps and Allen Media Group for comment and will update our stories as we learn more.