Byron Allen is selling local television stations owned by his Allen Media Group (AMG), with investment bank Moelis & Co. handling the deal.
The portfolio consists of 28 stations affiliated with ABC, NBC, CBS, and Fox, operating in 21 U.S. markets, including Tupelo, MS; Honolulu, HI; Flint, MI; and Tucson, AZ, according to The Hollywood Reporter.
Allen said AMG began investing over $1 billion six years ago to build a portfolio of “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, per THR. “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.”
As the media landscape continues to evolve, AMG has been navigating industry challenges and, over the past year, has implemented a series of measures to streamline operations and cut costs.
In January, the company announced plans to terminate or reassign all local meteorologists across its nearly two dozen stations nationwide — impacting almost 100 meteorologists, as AFROTECH™ previously told you.
The move involved replacing local forecasts with a centralized weather feed from The Weather Channel in Atlanta, GA, which AMG acquired for $300 million in 2018.
However, after facing significant public backlash, AMG reversed course and chose not to proceed with the layoffs, leaving most local meteorologists in their roles, AFROTECH™ noted.
In February, AMG refinanced its $100 million revolving credit facility to extend its debt maturities and support ongoing operations, per THR.
According to its website, the AMG portfolio also includes The Grio, streaming service Local Now, and 10 24-hour HD television networks, such as HBCU GO, JusticeCentral.TV, Pets.TV, and Cars.TV.
Since founding Entertainment Studios in 1993 — now known as Allen Media Group — Byron Allen has established himself as one of the most influential media moguls of today.
In a 2023 interview with Variety, he reflected on the challenges he faced along the way, noting that his journey to success was not without consistent rejection.
“When I started calling stations from my dining room table asking them to carry my weekly television show for free, I had to work through about 50,000 noes to get the 150 yeses that became my lineup,” Allen said, AFROTECH™ previously reported.
With an estimated net worth of $1 billion, Allen has built a powerful media empire, telling Variety that the future of AMG appears focused on organic growth and strategic business moves as part of its broader mission.
“I haven’t yet done what I set out to do — we’re tiny, and while we’re growing exponentially, we’re still in our infancy,” Allen said, per AFROTECH™. “The goal is to build the world’s biggest media company and use it to effect change for the greater good.”
