Byron Allen Puts His Portfolio of Local TV Stations Up for Sale

Byron Allen’s media empire is preparing to part with its collection of local television stations – a move that signals a major strategic shift for Allen Media Group (AMG) amid a rapidly evolving media landscape.

The company has enlisted investment bank Moelis & Company to explore the potential sale of its 28 network-affiliated stations across 21 markets. These include ABC, NBC, CBS, and Fox affiliates located in cities such as Honolulu, Hawaii; Madison, Wisconsin; Montgomery, Alabama; Flint, Michigan; and Tucson, Arizona, among others.

Proceeds from any sale will be used to “significantly reduce” AMG’s outstanding debt, according to a company statement.

“Six years ago, Allen Media Group embarked on an over US$1 billion investment strategy to acquire top-tier Big Four network-affiliated television stations,” said Byron Allen, founder and CEO of AMG. “We’ve received numerous inquiries and written offers for many of our stations, and now seems like the right time to evaluate these opportunities and realize a return on what has been a tremendous investment.”

Navigating Industry Challenges

Over the past year, AMG has faced financial headwinds common across the traditional broadcast sector. The company implemented cost-cutting measures to streamline operations and, in February, refinanced its US$100 million revolving credit facility to improve liquidity and provide greater flexibility.

The decision to sell the stations reflects broader pressures facing linear TV operators. As cord-cutting accelerates, local broadcasters – long reliant on retransmission fees – have seen their business models come under strain.

Meanwhile, advertisers are increasingly shifting budgets toward digital platforms and tech-driven ad solutions offered by entertainment and tech giants.

For much of the past decade, AMG had been an aggressive buyer rather than a seller, steadily expanding its footprint through targeted acquisitions in the linear TV space. Among its most notable purchases: The Weather Channel, The Grio, and a growing slate of syndicated programming including courtroom shows and Comics Unleashed, which recently moved into the post-Late Show time slot on CBS.

From Stand-Up to Media Mogul

Allen, who launched his career as a comedian at age 18 on The Tonight Show, has never hidden his ambitions to build a media empire. In a 2020 profile with The Hollywood Reporter, he expressed interest in acquiring CNN, drawing comparisons to media titans like Rupert Murdoch.

“He was in his 50s when he came to America,” Allen noted. “I’m 59. What you see today will be 10,000 times bigger.”

Last year, Allen made headlines after revealing a US$14 billion bid for Paramount Global – an audacious move that underscored his appetite for growth, though details about potential partners in the bid were not disclosed.

While AMG has dipped its toe into streaming via FAST channels, its digital presence – including services like HBCU Go and a streaming arm of The Weather Channel – remains relatively modest compared to larger industry players. That contrast highlights the challenges independent media companies face in transitioning from traditional broadcasting to the digital-first future.

As the sale process unfolds, all eyes will be on how Allen chooses to reshape his media portfolio – and whether this latest pivot marks a new chapter in his long-term vision.