Business
Madison Technologies, Inc. Completes Purchase of TV Station KVVV, Houston
Madison Technologies, Inc. Completes Purchase of TV Station KVVV, Houston.
About this update from Madison Technologies Inc.
[{"type":"text","content":"The acquisition kicks off the development of Sovryn's free-to-consumer OTA video broadcast platformNEW YORK, NY / ACCESSWIRE / June 8, 2021 / Madison Technologies, Inc. d/b/a Sovryn Holdings, (OTCQB:MDEX) today announced the purchase of a Class A television broadcast station in Houston, the number 8 ranked DMA (Designated Market Area) in the nation. Sovryn's acquisition, filed in June with the FCC, was for a Class A broadcast license, KVVV in Houston from TVue Associates, Inc. The station, currently broadcasting over 10 different streams of content to the Houston marketplace 24 hours per day/7 days per week, will be immediately accretive to Sovryn's cash flow:KVVV-LD, using Display Channels 15.1-15.10This purchase is the second acquisition of a planned series of similar top DMA television broadcast station acquisitions by Sovryn with another 7 stations currently in the pipeline and a plan to further expand the portfolio to 30 stations within the next 12-14 mos. Sovryn expects to ultimately grow the station base to 100 tv stations nationwide through additional acquisitions targeting the top 100 DMA's, covering 80% of the population of the U.S.The result will be a broad, nationwide, OTA independent distribution platform to host various content providers and data transmissions of many sorts, creating not only a unique, independent platform but an alternative to the existing Cable, OTT, and Internet platforms for those seeking to expand viewership of their content."With little or no technology changes in more than a generation, the broadcast TV industry today is poised for dramatic change as new disruptive technology prepares to roll out allowing for OTA mobile viewing and other major advancements, "said Philip Falcone, Founder, and CEO of Sovryn.tv. "The OTA market represents an untapped and sizeable market opportunity, and our goal is to continue expanding our platform to capitalize on the changing media and viewer landscape and growing OTA viewership in the U.S.Sovryn Holdings, Inc. and it's broadcasting unit Sovryn.tv merged earlier this year with publicly traded Madison Technologies, Inc (OTCQB:MDEX)Strong Tailwinds for OTA TV and Online StreamingConsumers have embraced cutting the cord trend and moving to broadband (Netflix, Apple, Disney) and OTA (to continue to watch the basics). OTA households alone have doub...