From CNBC: 2025-06-02 11:26:00

Byron Allen, founder and CEO of Allen Media Group, is selling his group of 28 broadcast TV stations across the U.S. The company has invested over $1 billion into acquiring the stations over the past six years and is exploring a sale after receiving numerous offers. Other media companies, like Sinclair and Apollo Global Management, are also selling stations to reduce debt.

Last year, CNBC reported that Allen Media Group was consistently late in making payments to network owners, with payments totaling tens of millions of dollars throughout the year. The reason for the lateness was unclear, and layoffs have also occurred at the stations. Allen, a former comedian, has been expanding his media empire through acquisitions and bids for various media assets.

The sale of the stations would significantly reduce Allen Media Group’s debt load. Earlier this year, the company refinanced a $100 million debt facility. While S&P Global Ratings expects the company to maintain sufficient liquidity, it noted that the company still maintains a junk rating and faces future debt risks. Comcast’s NBCUniversal is the parent company of CNBC and NBC.



Read more at CNBC: Byron Allen broadcast TV stations up for sale