Byron Allen Makes $8.5 Billion Cash Bid For Tegna Station Group

Media entrepreneur Byron Allen got a big win when he acquired the Weather Channel through his company, Allen Media Group. This week, the mogul is looking to make another large purchase for his massive media conglomerate.

Allen made an all-cash bid for the Tegna Station Group, a Virginia-based company that covers massive territory across the nation. The company owns 52 stations in 61 markets, including an abundance of big-four network affiliates in many of the largest markets. In total, Tegna covers 39% of the country’s media channels.

He is reported to be one of three potential buyers for the media group, offering $20 a share or $8.5 billion in total.

Media conglomerate Gray Television has also reportedly made a bid combining cash and stock along with private equity firm Apollo Global Management. The Apollo firm has yet to comment on the rumored purchase; a spokesperson from Tegna declined to comment.

Allen Media Group currently owns 15 television stations in 11 markets. It acquired most of them this year from purchasing USA TV for $305 million. Reportedly, the media company wants to invest some $10 billion to acquire ABC, CBS, NBC, and Fox television stations over the next three years to become of the largest broadcast television groups in America. It also owns the digital news site the Grio as well as a film and television production company under Entertainment Studios.

Outside of his business moves with his media company, Allen has personally partnered with Sinclair to acquire the Fox Regional Sports Networks from Disney in a deal worth $10.6 billion.