Byron Allen, founder, Chairman and Chief Executive Officer of Allen Media Group, speaks at the World Conference of the Milken Institute in Beverly Hills, California, on May 2, 2022.
Patrick T. Fallon | AFP | Getty images
Byron Allen puts his television stations broadcast on sale.
Allen Media Group said on Monday that he had kept the investment bank Moelis & Co. to sell its group of 28 television stations broadcast and operated, which are affiliated with ABC, NBC, CBS and Fox in 21 markets across the United States
In a press release, Allen said that the company had invested more than a billion dollars in the acquisition of stations in the past six years and after receiving “many requests and written offers” for most stations, decided to explore a sale.
Allen Media Group stations join other people who recently reached the sales block. Last year, CNBC indicated that Sinclair explored the sale of more than 30% of its stations. Apollo Global Management also explores a sale of its COX Media Group of TV portfolio and radio stations.
Allen Media Group said that a sale of stations would considerably reduce its debt charge. Earlier this year, the company refined a debt ease of $ 100 million. While S&P Global Ratings said it expected the company to maintain enough liquidity over the next 12 months, he noted that Allen Media Group had always maintained a waste of waste and faces future debt risks.
Last year, CNBC indicated that Allen Media Group had always been late in payments to its networking owners, in some cases, up to 90 days later, payments totaling tens of millions of dollars throughout the year. The reason for the delay was not clear and the representatives of the Allen media group refused to deal with the details of CNBC reports.
The stations would also have undergone layoffs.
Allen, a former actor, founded entertainment studios, now known as Allen Media Group, in the early 1990s. Later, he formed Allen Media Group Broadcasting in 2019 and formed his profile and his business since with a series of small offers.
He also became known for having expressed interest in buying various media assets to increase his media empire. In recent years, he has made an offer of $ 30 billion for Paramount Global when he was on sale in 2024, as well as an offer of $ 10 billion for ABC and other Disney networks, and he would have offered $ 3.5 billion for the Bet de Paramount media group.
Disclosure: NBCUNIVERSAL DE COMCAST is the parent company of CNBC and Broadcast Network NBC.