Byron Allen just added another asset to his portfolio after purchasing Honolulu ABC affiliate KITV for $30 million, the media mogul’s Allen Media Group recently announced.
After acquiring the station from SJL Broadcasting, Allen said he is set to spend another $10 billion over the next two years to buy more network affiliates in the United States. The new purchase brings the total number of stations owned and/or operated by Allen Media Broadcasting — a division of Allen Media Group — to 16 stations across 12 television markets.
“Over the past year we’ve invested over $500 million to acquire best-in-class, top-tier, broadcast network affiliates,” Allen, founder, chairman and CEO of Allen Media Group, said in a press release. “We plan to invest approximately $10 billion 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.”
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Included in this latest deal are KITV’s satellite stations in the Hawaiian Islands, as well as four digital cable networks — MeTV, Hawaii TV, Start TV and Heroes & Icons and a Washington, DC-based news bureau.
SJL Broadcasting is a privately-held company owned by brothers Brian Lilly and Kevin Lilly.
“SJL is proud of the commitment of our KITV family to serve the Hawaiian community,” SJL Broadcasting CEO Brian Lilly said in a statement. “Allen Media Group recognizes the investment in news and will build on our success.”