For Sale: Byron Allen Puts Investment Bank In Charge Of Selling Television Stations
Allen, the company's chairman and CEO, enlisted the help of Moelis & Co. to assist in the sale of his network-affiliate television stations after spending over $1 billion to grab outlets in smaller markets. In an announcement made June 2, Allen said the move is due to the company's desire to pay down debt. '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.
'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.'
With nearly two dozen stations under its belt, including some in Northern California; Honolulu; Flint, Michigan; Madison, Wisconsin; and Tupelo, Mississippi, the media group has spent years — and significant funds — on station purchases to become the largest independent television operator in the country. Several of Allen's stations have proven their worth by featuring programming from one of the four major broadcasting networks: ABC, CBS, NBC, and Fox.
However, there has been some downfall in their endeavors.
In 2024, the company implemented several layoffs as part of its company-wide growth strategy. As layoffs occurred at the Weather Channel, Entertainment Studios, and its HBCU Go Series, that wasn't the first time. Before that, Allen Media Group downsized to 'be more efficient.'
According to CNBC, the media company has struggled financially for a while. It was reported that Allen Media Group had been late with their payments, worth tens of millions of dollars, to network owners, past the net 90-day due date. The reasons for the late payments were unclear.
In early 2025, the company refinanced a $100 million debt facility. S&P Global Ratings announced that the company must maintain a high level of liquidity over the next 12 months, but also noted that the company continues to hold a junk rating, with the risk of future debt.
Financial struggles can also be attributed to the marketing challenges that television stations have experienced over the years. As media buyers shift their budgets to digital platforms to cater to younger audiences, the market for television advertising is strained by competing with streaming services such as Netflix, Hulu, and Amazon Prime Video.
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