Madison Technologies, run by hedge fund manager and former HC2 Broadcasting head Philip Falcone, said it acquired production company The Jay & Tony Show.
The production company will create original content for Go.tv, Madison Technologies’ over-the-air broadcast platform. It will also continue to create programming for third-party networks and platforms.
Go.tv is carried by low-power stations Madison Technologies owns. On Tuesday it announced the purchase of KYMU-LD in Seattle. Terms were not disclosed.
It also bought stations in Los Angeles, Houston and San Diego. The company also recently signed agreements and letters of intent to acquire stations in Chicago, Phoenix, New York, Tampa, Atlanta, Nashville, Indianapolis and Kansas City.
The company said it intends to eventually acquire 100 stations in order to build a nationwide over-the-air distribution platform that would serve as an alternative to cable OTT and internet platforms.
Go.TV looks to take advantage of NextGen TV, the new broadcast format.
“With little or no technology changes in more than a generation, the broadcast TV industry today is poised for dramatic upheaval as new, disruptive technology prepares to roll out, allowing for OTA mobile viewing and other major advancements,” said Falcone, CEO of Madison Technologies. “The OTA market represents an untapped and sizable opportunity to create unique content, develop channels (networks) and enhance Madison’s value for shareholders and audiences.”
The Jay & Tony Show was founded by Jay Blumenfeld and Tony Marsh. They will become co-CEOs of Madison Technologies’ newly formed Networks Group. They will be responsible for all content and the development of an OTT platform and networks that are in the planning stages.
Series the production company has created include The Chelsea Handler Show for E!, Here Come the Newlyweds for ABC, Restaurant Stakeout for Food Network, Tournament of Laughs for TBS and The American Influencer Awards for YouTube.
“With the additional resources of Madison Technologies, we are excited to turbocharge development, to continue delivering captivating content and to build an unparalleled network group,” Blumenfeld said.
“It’s an exhilarating time for our company,” Marsh added. “We can’t wait to see what Madison Tech and The Jay & Tony Show will accomplish together.”
Falcone left HC2 Holdings — which ran up debt buying low-power television stations — in 2020. His Sovryn Holdings and its Sovryn.tv broadcasting unit merged earlier this year with Madison Technologies, which was publicly traded. In May, Madison Technology announced plans to change its name to Go.TV Inc.
Falcone was also involved in a series of investigations and lawsuits.
His assets were reportedly frozen for failure to compensate his legal representatives. He was also subject to a court order in 2019 that compelled HC2 to withhold some of Falcone’s salary in lieu of some $2.69 million in unpaid taxes to the city of New York. In 2021 he agreed to pay $18 million to settle fraud charges against him and his company, Harbinger Capital Partners.
Falcone’s LightSquared Networks filed for Chapter 11 bankruptcy protection in 2012.
