Media mogul Byron Allen enlists investment bank to sell TV stations

Key Points

• Byron Allen taps Moelis & Co. to sell TV stations, aiming to reduce Allen Media Group’s debt load. 
• Media giant seeks returns on over $1 billion investment in network-affiliate stations amid rising industry pressure. 
• The move follows layoffs, junk credit rating, and a $100 million debt refinance amid declining TV ad revenue.

African-American media mogul Byron Allen, founder and CEO of Allen Media Group, has hired Moelis & Co. to spearhead the sale of several TV stations, signaling a strategic shift to reduce the company’s debt load. The move comes after Allen’s aggressive expansion, spending over $1 billion acquiring network-affiliated stations in smaller U.S. markets.

Allen Media Group’s network affiliate stations up for sale

Allen Media Group, now the largest independent TV operator in the U.S., owns nearly two dozen stations in key markets including Northern California, Honolulu, Flint (Michigan), Madison (Wisconsin), and Tupelo (Mississippi). Many of these stations carry programming from major networks such as ABC, CBS, NBC, and Fox.

In a June 2 announcement, Allen stated, “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.” Proceeds from the sales will primarily be used to significantly reduce the company’s debt, which has mounted amid shifting advertising trends.

Financial struggles amid changing media landscape

Despite Allen Media Group’s rapid growth, the company has faced financial headwinds. In 2024, it implemented layoffs across its Weather Channel, Entertainment Studios, and HBCU Go Series divisions to improve operational efficiency.

The company was late on tens of millions in payments to network partners, raising concerns about its liquidity. Early in 2025, Allen Media Group refinanced a $100 million debt facility, but S&P Global Ratings continues to assign it a junk credit rating, warning of ongoing risk. 

The challenges reflect broader industry trends as TV advertising revenue declines, with media buyers reallocating budgets to digital and streaming platforms like Netflix, Hulu, and Amazon Prime Video. This shift has pressured traditional broadcasters to rethink business models amid evolving consumer habits.

Byron Allen’s Media empire and ambitious growth plans

Byron Allen founded Allen Media Group in 1993, initially producing low-cost nonfiction TV programming before expanding into court shows, scripted content, and launching eight 24-hour HD networks reaching nearly 300 million subscribers.

The Allen Media Group currently produces and distributes 73 syndicated programs, positioning itself as one of the largest independent content producers in broadcast television. In a bold move earlier this year, Allen Media Group made a $30 billion unsolicited bid to acquire Paramount Global, highlighting Allen’s ambition to reshape the American media landscape.