Madison Technologies, Inc. Announces the Purchase of WANN-CD, Atlanta
Madison Technologies, Inc. (MDEX) announced the signing of a Purchase Agreement for WANN-CD, a Class A TV station in Atlanta, GA. This acquisition adds to prior purchases in major markets like LA and Houston, bolstering its strategy in the top DMA's. The company aims to create a nationwide OTA independent distribution platform, appealing to content providers seeking alternatives to traditional cable. With the OTA market growing, driven by the cutting the cord trend, Madison plans to leverage innovations like NextGen TV for enhanced consumer experiences.
- Acquisition of WANN-CD enhances Madison's presence in major DMA markets.
- Growing OTA market presents significant opportunities with 20MM OTA households.
- Plans to utilize NextGen TV technology for interactive consumer experiences.
- None.
NEW YORK, NY / ACCESSWIRE / December 10, 2021 / Madison Technologies, Inc., (MDEX) today announced the signing of a Purchase Agreement for WANN-CD, a Class A television station in Atlanta, GA, the number 10 ranked DMA (Designated Market Area) in the nation. The acquisition adds to the already purchased stations in LA, Houston and Seattle and the signed APA ‘s in Chicago, San Diego, New York and Phoenix as well as the signed LOI's for stations in Miami, Tampa, Nashville, St. Louis, 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.
"We continue to be very pleased with our progress and very excited about the ability to participate in an industry that is poised for change as viewing habits and new technology play a role not seen before in the broadcast industry", said Philip Falcone, Founder, and CEO of Madison Technologies, Inc. "The continued build out of our broadcast platform coupled with our recent acquisition of Los Angeles based production company "The Jay & Tony Show" puts us in a position to bring unique content to the OTA marketplace and to capitalize on these changes".
Strong Tailwinds for OTA TV and Online Streaming
Consumers 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.
The OTA market represents a compelling market opportunity. With an estimated 107MM TV households in the U.S., 57.9MM households use Cable, 28.7MM use alternative or satellite dish delivery systems while 20.4MM use OTA antennas - representing 44.8MM people. As any TV set purchase comes equipped by federal law to be OTA accessible, the adoption opportunities are massive if the right offer is presented to the market that is already growing weary of the recurring costs associated with content subscriptions.
An even bigger opportunity lies in the forthcoming advent of NextGen TV. In late 2017, the Federal Communications Commission (FCC) voted to allow broadcasters to use the Next Gen TV using the new ATSC 3.0 broadcast standard on a voluntary basis. This new OTA broadcast technology offers high definition, mobile video, 4K resolution video, interactive features like polling and voting as well as e-Commerce capabilities for TV-based shopping. Sovryn's plans include leveraging these innovations and others to bring a truly modern interactive experience to consumers for free.
About Madison Technologies
Press Contact:
Investor Relations
Madison Technologies, Inc.
770-235-6053
info@go.tv
SOURCE: Madison Technologies, Inc.
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