Byron Allen’s Media Group Explores Sale of 28 TV Stations

Allen Media Group announced Monday it has hired Moelis & Co. to facilitate the sale of its 28 owned-and-operated broadcast TV stations, affiliated with ABC, NBC, CBS, and Fox across 21 U.S. markets.

Over the past six years, the company invested over $1 billion to acquire these stations and, after receiving multiple inquiries and written offers, is now considering a sale, according to founder Byron Allen.

The move follows a broader trend in the industry, with Sinclair exploring the sale of over 30% of its stations and Apollo Global Management reportedly looking to sell its Cox Media Group TV and radio portfolio, as noted by CNBC last year. A sale could significantly alleviate Allen Media Group’s debt burden, following a recent refinancing of a $100 million debt facility. Despite S&P Global Ratings projecting adequate liquidity for the next 12 months, the company retains a junk credit rating and faces ongoing debt risks.

Last year, CNBC reported that Allen Media Group was consistently late on payments to network owners, with delays of up to 90 days and debts totaling tens of millions. The reasons for these delays remain unclear, as the company declined to comment on the specifics.