Honolulu ABC Network Affiliate TV Station Acquired by Byron Allen for $30 Million.

Allen Media Group has announced its acquisition of broadcast television station KITV, in Honolulu, from SJL broadcasting, as it has gone ahead to sign a purchase agreement of $30 million.

With this recent acquisition of a new television station, Byron Allen has continued his journey in building a media empire, as he still hopes to do more in the future, and following his progress over the years, one can tell that he is on the right path.

The founder, chairman, and CEO of Allen Media Group, Byron Allen said in a written statement, “Over the past year we’ve invested over $500 million to acquire best-in-class, top-tier, broadcast network affiliates…We plan to invest approximately ten billion dollars 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.”

With this purchase of the Honolulu ABC Network Affiliate, KITV, Allen has increased the number of the Big-Four network affiliate broadcast television that is owned and controlled by Allen Media Broadcasting to a number of 16 stations that spans across 12 U.S. broadcast television markets.

The KITV portfolio of platforms includes a carriage of four digital cable networks which are; Hawaii TV, Start TV, MeTV, and Heroes and Icons, it also includes a Washington DC-based news bureau and correspondent.

The SLJ Broadcasting which was acquired by Allen Media group is privately owned and controlled by two brothers, which are Brian Lilly and Kevin Lilly.

Brian Lilly, the CEO of SLJ Broadcasting said “SJL is proud of the commitment of our KITV family to serve the Hawaiian community… Allen Media Group recognizes the investment in news and will build on our success.”

While speaking with Hollywood Reporter, Allen talked about some of the challenges faced by Black entrepreneurs saying “African Americans don’t have access to capital… It’s amazing that for the first 15 to 20 years of my company, I couldn’t get a single bank loan”

In his interview with Hollywood Reporter last month, he also said “What you see today will be 10,000 times bigger… I’d love to own CNN. But I have to buy AT&T to do that. And I will. Believe me, I think about it every day.”

Allen owns Entertainment Studios, which produces more than 60 syndicated shows, along with The Weather Channel and seven more 24-hour cable TV networks.