Byron Allen Is Selling His 28 Local TV Stations: Here’s Why

Allen Media Group founder Byron Allen is selling his local TV stations. The company announced that it has hired investment bank Moelis & Company as it prepares to sell local channels in 21 markets that include ABC, NBC, CBS and Fox affiliates. Per the company, any profits generated from the sale will help AMG reduce its debt.

“Six years ago, Allen Media Group began the process of investing over one billion dollars to acquire big four network-affiliated television stations. We have received numerous inquiries and written offers for most of our television stations and now is the time to explore getting a return on this phenomenal investment,” Allen said in a statement, per The Hollywood Reporter. “We are going to use this opportunity to take a serious look at the offers, and the sale proceeds will be used to significantly reduce our debt.”

What are the challenges AMG has faced in the past year?

In the past year, Allen Media Group has made several cuts due to financial struggles. The company refinanced $100 million in February to help relieve its debt. Like many other local stations, AMG has taken a hit from the increasing number of viewers moving away from traditional cable services.

What are the major assets Byron Allen has acquired in recent years?

Allen has continued building his media portfolio in recent years, purchasing major brands like the Weather Channel and the Grio. AMG also produces a lineup of courtroom shows and the CBS late-night program Comics Unleashed.

Allen told The Hollywood Reporter in 2020 that he has big plans ahead, including his desire to buy CNN.

“I’m close to the same age when Rupert Murdoch came here to America,” he said. “He was in his 50s. I’m 59. What you see today will be 10,000 times bigger.”