Byron Allen, founder, chairman and CEO of Allen Media Group, will speak at the Milken Institute Global Conference held on May 2, 2022 in Beverly Hills, California.
Patrick T. Fallon | AFP | Getty Images
Byron Allen sells broadcast television stations.
Allen Media Group on Monday announced that it will sell a group of 28 broadcast television stations owned and operated by ABC, NBC, CBS and Fox in 21 US markets, investment banks Moelis & Co. He said he is still selling.
In a news release, Allen said the company has invested more than $1 billion in acquiring the station over the past six years and has decided to explore sales after receiving “many inquiries and written offers” at most stations.
Allenmedia Group Station joins others who have recently hit the sales block. Last year, CNBC reported that Sinclair was investigating sales of more than 30% of the station. Apollo Global Management is also reportedly investigating the sales of its Cox Media Group portfolio of television and radio stations.
Allen Media Group said the bureau’s sale will significantly reduce the debt burden. Earlier this year, the company refinanced its $100 million debt facility. S&P Global Ratings said it hopes the company will remain liquid enough over the next 12 months, but Allen Media Group still maintains its junk rating and faces future debt risk.
Last year, CNBC reported that Allen Media Group had consistently paid network owners. The reason for the delay was unknown, and representatives of the Allenmedia group refused to address the details of the CNBC report.
The station reportedly also had a layoff.
Former comedian Allen founded an entertainment studio in the early 1990s, now known as the Allen Media Group. He later formed Allenmedia Group Broadcasting in 2019 and has since built his profile and business in a series of small deals.
He also became known for expressing his interest in buying a variety of media assets and gaining a massive amount of media empire. In recent years, he has bid $30 billion on Paramount Global when it was on sale in 2024, providing $10 billion offers to ABC and other Disney networks, and reportedly provided $3.5 billion to Paramount’s BET Media Group.
Disclosure: Comcast’s NBCuniversal is the parent company of CNBC and Broadcast Network NBC.
