Byron Allen’s Allen Media Group has retained the investment bank Moelis & Company to help it explore financial and strategic alternatives, including a potential sale of its 28 owned and operated ABC-NBC-CBS-FOX affiliate television stations in 21 U.S. markets.
Over the last six years, AMG has invested over $1 billion in acquiring television stations and has become one of the largest independent, privately held owners of Big 4 network affiliated 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 in a Monday statement. “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.”
An AMG representative declined to comment further.
In January, S&P Global put AMG on a negative credit watch, noting the company had an outstanding balance of $99.9 million on its $100 million revolving credit facility and had $60.1 million in cash as of Sept. 30, 2024. In February, the company refinanced the credit facility, extending its debt maturities to 2027.
Additionally, Bloomberg previously reported that the company also has an $840 million term loan maturing in 2027.
AMG also underwent a round of layoffs in May 2024 across every division designed to “drive future business opportunities and support our growth strategies in our rapidly evolving industry,” the company said at the time.
The pivot comes as Allen has publicly expressed interest in being a buyer rather than a seller of TV assets. Last year, he offered $30 billion, including the assumption of $15 billion in debt, to acquire Paramount Global. He also made a $10 billion offer for Disney’s ABC television network and local stations, as well as the FX and National Geographic cable channels.
The news also comes as the National Association of Broadcasters asked the FCC in April to repeal the 39% national ownership cap on TV stations, which has been in place since 2004.
In addition to the stations, AMG has 10 24-hour HD cable television networks serving nearly 300 million subscribers, broadcast syndication, HBCU GO Sports, five digital streaming platforms and the free-streaming AVOD service, Local Now.
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