L.A. media mogul Byron Allen hires investment bank to sell television stations
The Allen Media Group announced the news Monday morning. It owns nearly two dozen stations, including in Northern California near Redding, as well as Honolulu; Flint, Mich.; Madison, Wis.; and Tupelo, Miss.
The company needs to pay down debt, Allen said in a statement.
Allen's firm declined to provide details on its finances.
The Los Angeles firm has spent big bucks during the last six years buying stations with a goal of becoming the largest independent television operator in the U.S. Many of Allen's stations have standing in their markets with programming from one of the Big Four broadcast networks: ABC, CBS, NBC and Fox.
'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, chairman and chief executive, said in a statement. '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.'
Allen Media Group, which was founded by Allen in 1993, also owns a dozen television channels, including the Weather Channel.
The Los Angeles entrepreneur and former stand-up comedian had been steadily expanding his empire for more than a decade.
However, the television advertising market has become increasingly challenged in recent years as media buyers shift their budgets to digital platforms where they are more likely to find younger consumers. The television advertising market has become more strained with the addition of streaming services, including Netflix, Amazon Prime Video and Paramount+ competing with legacy stations for dollars.
A decade ago, Allen brought a high-profile $20-billion lawsuit against two of the nation's largest pay-TV distributors, Comcast and Charter Communications, alleging that racism was the reason his small TV channels were not being carried on those services.
The case ultimately reached the U.S. Supreme Court and was legally significant because it relied on the historic Civil Rights Act of 1866, which was enacted a year after the Civil War ended and mandated that Black citizens 'shall have the same right ... to make and enforce contracts ... as is enjoyed by white citizens.'
But the Supreme Court struck down many of Allen's arguments. In a 9-0 decision in March 2020, the high court said it was not enough for a civil rights plaintiff to assert that his race was one of several factors that motivated a company to refuse to do business with him. Instead, the person must show race was the crucial and deciding factor.
Last month, CBS picked up his show 'Comics Unleashed with Byron Allen' to run at 12:35 a.m.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
an hour ago
- Yahoo
Is Stanley Black & Decker (SWK) One of the Best Income Stocks for Conservative Investors?
Stanley Black & Decker, Inc. (NYSE:SWK) is included among the 11 Best Income Stocks to Buy According to Hedge Funds. A toolbox filled with an array of different tools, representing the professional products of the company. Stanley Black & Decker, Inc. (NYSE:SWK) is an American manufacturer known for its industrial tools, home hardware, and security products. The company is in the midst of a steady yet impactful transformation. It has already completed $1.7 billion of a planned $2 billion cost-reduction effort, resulting in a rebound in gross margins to 31.2%, which is a 1,200-basis-point improvement from the low point. At the same time, operating leverage is strengthening, and inventory levels are declining. While Stanley Black & Decker, Inc. (NYSE:SWK)'s Tools & Outdoor division accounts for 87% of its revenue, the smaller Engineered Fastening segment plays a key role in areas like aerospace, automotive, and industrial production. Despite its strong market position and ties to reshoring, infrastructure, and automation trends, the stock is still down more than 69% from its 2021 peak and trades at under seven times its peak free cash flow. Stanley Black & Decker, Inc. (NYSE:SWK) has paid uninterrupted dividends to shareholders for the past 148 years. On July 24, it declared a 1.2% hike in its quarterly dividend to $0.83 per share. This marked the company's 59th consecutive year in which it has raised its dividends. The stock supports a dividend yield of 4.91%, as of July 31. While we acknowledge the potential of SWK as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: and Disclosure: None.
2 hours ago
Cincinnati officials discuss city crime and widespread response to video of violent fight
Days after a brawl that injured six people in Cincinnati, the mayor and other city leaders said Friday they would beef up law enforcement patrols but criticized how the much-shared video of the fight had portrayed the city in what they see as an unfair and cynical light. 'Let me be clear, there is no place for violent crime in Cincinnati, whether it's a fight or gun violence,' Mayor Aftab Pureval said. 'We will pursue those responsible and we will hold them accountable no matter who they are.' Video of the fight quickly went viral, and conservatives leaders and influencers seized on the brawl to point out what they see as lawless urban areas in America. Those voices included Vice President JD Vance, Ohio gubernatorial candidate Vivek Ramaswamy and the vice president's half brother, Cory Bowman, who is running to be mayor of Cincinnati. A video of the fight shows a crowd milling about before several people start throwing punches. One man falls to the ground and is repeatedly punched and kicked by bystanders. Another woman is punched in the face and falls to the ground, lying motionless before another woman helps her. She can be seeing bleeding from the mouth. The mayor acknowledged on Friday the perception remained that the city was dangerous, but he pointed out that data showed the violent crime was declining in the city. Pureval also said 'there's a concerning increase in burglaries and breaking and entering, and shootings in some specific areas' without providing the data. 'Currently too many Cincinnatians don't feel safe,' he said. 'All of us, especially me, are clear-eyed and working urgently to fix that.' Pureval said he was working with Republican Gov. Mike DeWine to deploy state highway patrol to work highways into the city, which should free up more police officers. He also said police units like SWAT and the Civil Disturbance Response Team will expand their reach in the city. Cincinnati Police Chief Teresa Theetge said five men and one woman 'were subjected to unimaginable physical violence' in the brawl. She didn't identify them. She also said six people have been charged with assault and rioting for playing a role in the brawl, three of whom are in custody. 'This remains an open investigation, and I want to assure you, we will not stop until justice is finally served,' she told reporters, adding that they plan to release footage of the brawl, including body camera footage next week. But several speakers, including a pastor and a council member, talked about how the fight had been racialized and several blamed conservative Republicans for fueling that narrative. 'We would not be here and this will not be national news if this was a group of Black people that jumped on other Black people,' Pastor Damon Lynch, III told reporters. 'Obviously it's national news because it's been racialized.' Lynch said critics were focused on the Black participants but haven't mentioned a white man who, he says, could be seen in a video of the brawl slapping a Black man during the fight. 'Nobody's asking why didn't he just walk away?" Lynch said. Council Member Scotty Johnson also criticized the media for playing the brawl on a loop all week. 'What role do you play in quoting misdirected national leaders talking about a city that is on the right track, but they are doing everything they can to try take us off that track,' Johnson said. Toward the end of the press conference, a reporter asked Pureval how he would deal with the racial tensions in the city that have been exacerbated by this brawl. 'It's overt racial tensions that have been claimed by irresponsible leaders, who have unfortunately cynically tried to take advantage of this awful fight and try and divide us,' he said, noting that Cincinnati 'has a long history of being, on the on the very front foot of racial justice' including as a stop on the Underground Railroad.
Yahoo
3 hours ago
- Yahoo
Jimmy Kimmel Stands Up for Stephen Colbert with an Emmys Billboard Ad
"I'm voting Stephen," the billboard read in reference to the ongoing Emmy votingNEED TO KNOW Jimmy Kimmel is sticking up for Stephen Colbert amid Paramount/CBS' decision to cancel The Late Show with Stephen Colbert Jon Stewart, Seth Meyers, and more have previously come to Colbert's defense The network is facing allegations of political censorship due to Colbert's criticisms of President Trump's administrationJimmy Kimmel is standing up for Stephen Colbert amid the cancellation of The Late Show with Stephen Colbert. Kimmel, 57, appeared on a billboard ad in Los Angeles encouraging Emmy voters to vote for Colbert, 61. The billboard features a headshot of Kimmel beside an announcement of his own Emmy nomination for Outstanding Talk Series. In large white text below, the billboard read, "I'm voting Stephen." Variety was first to report the news. The billboard comes amid Paramount's decision to cancel Colbert after 10 seasons. In a statement from CBS previously shared with PEOPLE, the network said, "This is purely a financial decision against a challenging backdrop in late night. It is not related in any way to the show's performance, content or other matters happening at Paramount." Colbert took over the show in September 2015 following David Letterman's departure. The cancellation came days after Colbert openly criticized the network's parent company for its sizable settlement with President Donald Trump. Following the network's announcement to cancel the popular program on July 17, several late-night hosts have shown solidarity for Colbert, including Kimmel and Jon Stewart, who hosts The Daily Show. Immediately following the cancellation news, Kimmel shared a clip of Colbert from the July 17 broadcast. "Love you Stephen," Kimmel wrote. He also called out the network behind the decision. "F--- you and all your Sheldons CBS," Kimmel added. In a fiery statement on July 22, Stewart, 62, said, 'If you're trying to figure out why Stephen's show is ending, I don't think the answer can be found in some smoking gun email or phone call from Trump to CBS executives or in CBS' QuickBooks spreadsheets on the financial health of late night." He continued, "I think the answer is in the fear and pre-compliance that is gripping all of America's institutions at this very moment, institutions that have chosen not to fight the vengeful and vindictive actions of our pubic hair doodling Commander in Chief. This is not the moment to give in." Never miss a story — sign up for to stay up-to-date on the best of what PEOPLE has to offer, from celebrity news to compelling human interest stories. Seth Meyers weighed in too. 'For as great a comedian and host he is, Stephen Colbert is an even better person,' he wrote in a post on his Instagram Stories. 'I'm going to miss having him on TV every night but I'm excited he can no longer use the excuse that he's 'too busy to hang out' with me.' Members of the Television Academy have until Aug. 27 to cast their votes. Read the original article on People
