Business
Madison Technologies, Inc. Completes Purchase of TV Station KYMU, SEATTLE
Madison Technologies, Inc. Completes Purchase of TV Station KYMU, SEATTLE.
About this update from Madison Technologies Inc.
[{"type":"text","content":"NEW YORK / ACCESSWIRE / October 19, 2021 / Madison Technologies, Inc., (MDEX) today announced the purchase of a KYMU-LD television broadcast station in Seattle, WA, the number 12 ranked DMA (Designated Market Area) in the nation. The acquisition, filed in July with the FCC, adds to the already purchased stations in LA, Houston and San Diego and the signed APA's and LOI's for stations in Chicago, Phoenix, New York, Miami, Tampa, Atlanta, Nashville, Indianapolis, Minneapolis and Kansas City.Madison's goal is to continue with it's acquisition strategy focusing on the top 50-100 DMA's with the objective of building out a state of the art broadcast and OTT platform. 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 Madison Technologies, Inc. "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.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 doubled over the last 10 years to 20MM, becoming a material part of the addressable TV universe.As cord-cutting continues to accelerate in conjunction with other factors (e.g., censorship) affecting distribution, the need for an alternative distribution platform will accelerate, ultimately driving higher rates and higher valuation all without even factoring in the true value of the spectrum.Says, Mr. Falcone, "This opening allows for new revenue opportunities to address the mobile tv viewing marketplace and potentially subscription-based Over-the-Air TV. This Houston purchase represents the start of a wave of...