Byron Allen, founder, chairman, and CEO of Leisure Studios and Allen Media Group, speaks through the Milken Institute International Convention in Beverly Hills, California, on Might 2, 2022.
Patrick T. Fallon | Afp | Getty Pictures
Byron Allen is placing his broadcast TV stations up on the market.
Allen Media Group mentioned on Monday it has retained funding financial institution Moelis & Co. to promote its group of 28 owned and operated broadcast TV stations, that are affiliated with ABC, NBC, CBS and Fox in 21 markets throughout the U.S.
In a information launch, Allen mentioned the corporate has invested over $1 billion into buying the stations over the previous six years and after receiving “quite a few inquiries and written affords” for many of the stations, has determined to discover a sale.
The Allen Media Group stations be a part of others which have just lately hit the sale block. Final yr, CNBC reported that Sinclair was exploring the sale of greater than 30% of its stations. Apollo International Administration can also be reportedly exploring a sale of its Cox Media Group portfolio of TV and radio stations.
Allen Media Group mentioned a sale of the stations would considerably cut back its debt load. Earlier this yr the corporate refinanced a $100 million debt facility. Whereas S&P International Rankings said it anticipated the corporate to keep up adequate liquidity over the subsequent 12 months, it famous that Allen Media Group nonetheless maintained a junk score and confronted future debt dangers.
Final yr CNBC reported that Allen Media Group had been persistently late in making funds to its community homeowners, in some instances as a lot as 90 days late, with the funds totaling tens of thousands and thousands of {dollars} all year long. The rationale for the lateness had been unclear, and representatives for Allen Media Group declined to deal with the small print of CNBC’s reporting.
The stations have additionally reportedly undergone layoffs.
Allen, a former comic, based Leisure Studios, now generally known as Allen Media Group, within the early Nineties. He later fashioned Allen Media Group Broadcasting in 2019 and has constructed up his profile and enterprise ever since with a string of smaller offers.
He is additionally grow to be known for expressing curiosity in shopping for varied media property to bulk up his media empire. In recent times he is made a $30 billion bid for Paramount International when it was up on the market in 2024 in addition to a $10 billion supply for ABC and different Disney networks, and he reportedly supplied $3.5 billion for Paramount’s BET Media Group.
Disclosure: Comcast’s NBCUniversal is the father or mother firm of CNBC and broadcast community NBC.