Latest news with #ByronAllen
Miami Herald
8 hours ago
- Business
- Miami Herald
LA media mogul Byron Allen hires investment bank to sell television stations
In a significant retrenchment, media mogul Byron Allen has retained investment banking firm Moelis & Co. to sell his network-affiliate television stations after spending more than $1 billion to scoop up outlets in smaller markets. The Allen Media Group announced the news Monday morning. It owns nearly two dozen stations, including in Northern California near Redding, as well as Honolulu; Flint, Michigan; Madison, Wisconsin; and Tupelo, Mississippi. The company needs to pay down debt, Allen said in a statement. Allen's firm declined to provide details on its finances. The Los Angeles firm has spent big bucks during the last six years buying stations with a goal of becoming the largest independent television operator in the U.S. Many of Allen's stations have standing in their markets with programming from one of the Big Four broadcast networks: ABC, CBS, NBC and Fox. "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, chairman and chief executive, said in a 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." Allen Media Group, which was founded by Allen in 1993, also owns a dozen television channels, including the Weather Channel. The Los Angeles entrepreneur and former stand-up comedian had been steadily expanding his empire for more than a decade. However, the television advertising market has become increasingly challenged in recent years as media buyers shift their budgets to digital platforms where they are more likely to find younger consumers. The television advertising market has become more strained with the addition of streaming services, including Netflix, Amazon Prime Video and Paramount+ competing with legacy stations for dollars. A decade ago, Allen brought a high-profile $20 billion lawsuit against two of the nation's largest pay-TV distributors, Comcast and Charter Communications, alleging that racism was the reason his small TV channels were not being carried on those services. The case ultimately reached the U.S. Supreme Court and was legally significant because it relied on the historic Civil Rights Act of 1866, which was enacted a year after the Civil War ended and mandated that Black citizens "shall have the same right ... to make and enforce contracts ... as is enjoyed by white citizens." But the Supreme Court struck down many of Allen's arguments. In a 9-0 decision in March 2020, the high court said it was not enough for a civil rights plaintiff to assert that his race was one of several factors that motivated a company to refuse to do business with him. Instead, the person must show race was the crucial and deciding factor. Last month, CBS picked up his show "Comics Unleashed with Byron Allen" to run at 12:35 a.m. Copyright (C) 2025, Tribune Content Agency, LLC. Portions copyrighted by the respective providers.
Bloomberg
9 hours ago
- Business
- Bloomberg
Byron Allen Looks to Offload $1B in Local TV Stations to Manage Debt
Producer Byron Allen has hired Moelis to shop local TV stations to potential buyers in an effort to reduce debts. Bloomberg's Romaine Bostick breaks down the move and how the company is taking advantage of potential deregulation in the TV industry. (Source: Bloomberg)
Yahoo
9 hours ago
- Business
- Yahoo
L.A. media mogul Byron Allen hires investment bank to sell television stations
In a significant retrenchment, media mogul Byron Allen has retained investment banking firm Moelis & Co. to sell his network-affiliate television stations after spending more than $1 billion to scoop up outlets in smaller markets. The Allen Media Group announced the news Monday morning. It owns nearly two dozen stations, including in Northern California near Redding, as well as Honolulu; Flint, Mich.; Madison, Wis.; and Tupelo, Miss. The company needs to pay down debt, Allen said in a statement. Allen's firm declined to provide details on its finances. The Los Angeles firm has spent big bucks during the last six years buying stations with a goal of becoming the largest independent television operator in the U.S. Many of Allen's stations have standing in their markets with programming from one of the Big Four broadcast networks: ABC, CBS, NBC and Fox. Read more: Byron Allen to buy seven TV stations, including Tucson outlet, for $380 million "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, chairman and chief executive, said in a 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." Read more: Byron Allen, the comedian-turned media mogul, explains why he wants to be in the movie business Allen Media Group, which was founded by Allen in 1993, also owns a dozen television channels, including the Weather Channel. The Los Angeles entrepreneur and former stand-up comedian had been steadily expanding his empire for more than a decade. However, the television advertising market has become increasingly challenged in recent years as media buyers shift their budgets to digital platforms where they are more likely to find younger consumers. The television advertising market has become more strained with the addition of streaming services, including Netflix, Amazon Prime Video and Paramount+ competing with legacy stations for dollars. A decade ago, Allen brought a high-profile $20-billion lawsuit against two of the nation's largest pay-TV distributors, Comcast and Charter Communications, alleging that racism was the reason his small TV channels were not being carried on those services. The case ultimately reached the U.S. Supreme Court and was legally significant because it relied on the historic Civil Rights Act of 1866, which was enacted a year after the Civil War ended and mandated that Black citizens 'shall have the same right ... to make and enforce contracts ... as is enjoyed by white citizens.' But the Supreme Court struck down many of Allen's arguments. In a 9-0 decision in March 2020, the high court said it was not enough for a civil rights plaintiff to assert that his race was one of several factors that motivated a company to refuse to do business with him. Instead, the person must show race was the crucial and deciding factor. Last month, CBS picked up his show "Comics Unleashed with Byron Allen" to run at 12:35 a.m. Sign up for our Wide Shot newsletter to get the latest entertainment business news, analysis and insights. This story originally appeared in Los Angeles Times. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Los Angeles Times
12 hours ago
- Business
- Los Angeles Times
L.A. media mogul Byron Allen hires investment bank to sell television stations
In a significant retrenchment, media mogul Byron Allen has retained investment banking firm Moelis & Co. to sell his network-affiliate television stations after spending more than $1 billion to scoop up outlets in smaller markets. The Allen Media Group announced the news Monday morning. It owns nearly two dozen stations, including in Northern California near Redding, as well as Honolulu; Flint, Mich.; Madison, Wis.; and Tupelo, Miss. The company needs to pay down debt, Allen said in a statement. Allen's firm declined to provide details on its finances. The Los Angeles firm has spent big bucks during the last six years buying stations with a goal of becoming the largest independent television operator in the U.S. Many of Allen's stations have standing in their markets with programming from one of the Big Four broadcast networks: ABC, CBS, NBC and Fox. '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, chairman and chief executive, said in a 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.' Allen Media Group, which was founded by Allen in 1993, also owns a dozen television channels, including the Weather Channel. The Los Angeles entrepreneur and former stand-up comedian had been steadily expanding his empire for more than a decade. However, the television advertising market has become increasingly challenged in recent years as media buyers shift their budgets to digital platforms where they are more likely to find younger consumers. The television advertising market has become more strained with the addition of streaming services, including Netflix, Amazon Prime Video and Paramount+ competing with legacy stations for dollars. A decade ago, Allen brought a high-profile $20-billion lawsuit against two of the nation's largest pay-TV distributors, Comcast and Charter Communications, alleging that racism was the reason his small TV channels were not being carried on those services. The case ultimately reached the U.S. Supreme Court and was legally significant because it relied on the historic Civil Rights Act of 1866, which was enacted a year after the Civil War ended and mandated that Black citizens 'shall have the same right ... to make and enforce contracts ... as is enjoyed by white citizens.' But the Supreme Court struck down many of Allen's arguments. In a 9-0 decision in March 2020, the high court said it was not enough for a civil rights plaintiff to assert that his race was one of several factors that motivated a company to refuse to do business with him. Instead, the person must show race was the crucial and deciding factor. Last month, CBS picked up his show 'Comics Unleashed with Byron Allen' to run at 12:35 a.m.
Bloomberg
13 hours ago
- Business
- Bloomberg
Byron Allen Hires Moelis to Shop $1 Billion in Local TV Stations
Producer and host Byron Allen has hired Moelis & Co. to find buyers for 28 local TV stations his company owns, in an effort to reduce debt while taking advantage of potential deregulation in the broadcast business. Allen, who got his start as a standup comic, owns 21 affiliate stations of major networks — ABC, CBS, NBC or Fox — in 21 markets. He spent more than $1 billion acquiring the portfolio over the past six years, according to a statement from his Allen Media Group on Monday.
