Allen Media Group has acquired US-based over-the-air television networks, This TV and Light TV, from Metro-Goldwyn-Mayer Studios (MGM).
Financial terms were not announced.
The deal represents another addition to Allen Media’s global portfolio, which includes the likes of the Weather Channel, ES.TV, MyDestination.TV and Comedy.TV.
Launched in 2016, Light TV is a free broadcast network, which offers a selection of family-friendly movies and shows, such as Flipper and Are You Smarter than a 5th Grader.
Similarly, This TV provides a range of children’s programming, as well as other limited general entertainment content in the form of classic television series.
Both networks are broadcast 24 hours a day and are available over-the-air, via cable and online for customers across the US.
Combined, the targets will reach over 81.00 million households nationwide and comprise a mixture of MGM’s film and television content.
Byron Allen, founder of Allen Media, said: “We are going to continue to invest a substantial amount of capital into the programming, marketing, and distribution of these networks.
“We are strong believers in broadcasting and free-streaming direct-to-consumer platforms.”
Also known as Entertainment Studios, the buyer owns 16 television stations across the US, including network affiliates of the American Broadcasting Company and the Columbia Broadcasting System, among others.
Formed in 1993, Allen Media operates offices in New York, Chicago, Atlanta and Raleigh and has nearly 180.00 million subscribers nationwide.
Zephyr, the M&A database published by Bureau van Dijk, shows there have been 151 deals targeting television broadcasting operators announced globally in 2020 to date, compared to the 238 transactions signed off for the corresponding period of 2019.
In the most valuable of these, Searchlight Capital Partners and Forgelight Creative agreed to buy US-based Univision Communications for USD 10.00 billion.
The deal represented the third-largest transaction on record for this sector.
© Zephus Ltd