Madison Technologies, Inc. Completes Purchase of TV Station KYMU, SEATTLE

Rhea-AI Summary

Madison Technologies, Inc. (MDEX) has completed the acquisition of KYMU-LD television station in Seattle, expanding its portfolio of broadcast stations across multiple major U.S. markets. This strategic move aims to build a state-of-the-art broadcast and OTT platform, tapping into the growing Over-The-Air (OTA) market, which has seen substantial growth in households over the past decade. The company anticipates increased opportunities in mobile TV viewing and subscription-based OTA services, leveraging innovations like NextGen TV for enhanced viewer experiences.

Positive

• Expanded acquisition strategy with the purchase of KYMU-LD station in Seattle.
• Focus on building a nationwide OTA independent distribution platform.
• OTA households have doubled in the last 10 years to 20MM, indicating a growing market.
• Potential revenue growth from mobile TV viewing and subscription-based OTA services.
• Utilization of NextGen TV technology for enhanced viewing experiences.

Negative

• None.

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 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.

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 more station acquisitions in the works as part of our build-out of a free local and national network of OTA content distribution."

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

Jeff Canouse
Madison Technologies, Inc.
770-235-6053
jeff@madisontech.io

SOURCE: Madison Technologies, Inc.

View source version on accesswire.com:
https://www.accesswire.com/668723/Madison-Technologies-Inc-Completes-Purchase-of-TV-Station-KYMU-SEATTLE

FAQ

What is the recent acquisition by Madison Technologies (MDEX)?

Madison Technologies has acquired the KYMU-LD television broadcast station in Seattle, WA.

How does Madison Technologies plan to expand its market presence?

The company aims to build a state-of-the-art broadcast and OTT platform by acquiring stations in major DMAs.

What market opportunity is Madison Technologies targeting with its acquisitions?

Madison Technologies is focusing on the growing Over-The-Air (OTA) market, which has seen substantial increases in households.

What technology advancements is Madison Technologies leveraging for its services?

The company plans to utilize NextGen TV technology for high-definition, mobile video, and interactive features.