Latest news with #Moelis&Co.
Yahoo
a day ago
- Business
- Yahoo
For Sale: Byron Allen Puts Investment Bank In Charge Of Selling Television Stations
Allen Media Group founder Byron Allen is making moves to sell several owned television stations and has hired a high-quality investment firm to take the lead, The Los Angeles Times reported. Allen, the company's chairman and CEO, enlisted the help of Moelis & Co. to assist in the sale of his network-affiliate television stations after spending over $1 billion to grab outlets in smaller markets. In an announcement made June 2, Allen said the move is due to the company's desire to pay down debt. '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. '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.' With nearly two dozen stations under its belt, including some in Northern California; Honolulu; Flint, Michigan; Madison, Wisconsin; and Tupelo, Mississippi, the media group has spent years — and significant funds — on station purchases to become the largest independent television operator in the country. Several of Allen's stations have proven their worth by featuring programming from one of the four major broadcasting networks: ABC, CBS, NBC, and Fox. However, there has been some downfall in their endeavors. In 2024, the company implemented several layoffs as part of its company-wide growth strategy. As layoffs occurred at the Weather Channel, Entertainment Studios, and its HBCU Go Series, that wasn't the first time. Before that, Allen Media Group downsized to 'be more efficient.' According to CNBC, the media company has struggled financially for a while. It was reported that Allen Media Group had been late with their payments, worth tens of millions of dollars, to network owners, past the net 90-day due date. The reasons for the late payments were unclear. In early 2025, the company refinanced a $100 million debt facility. S&P Global Ratings announced that the company must maintain a high level of liquidity over the next 12 months, but also noted that the company continues to hold a junk rating, with the risk of future debt. Financial struggles can also be attributed to the marketing challenges that television stations have experienced over the years. As media buyers shift their budgets to digital platforms to cater to younger audiences, the market for television advertising is strained by competing with streaming services such as Netflix, Hulu, and Amazon Prime Video. RELATED CONTENT: Caribbean Under Siege: Is Paradise Lost For American Tourists Amid Rising Violence?
Miami Herald
2 days 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.
Yahoo
2 days 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
2 days 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
27-05-2025
- Business
- Bloomberg
Saudi Arabia-Based REDA Hazard Control Is Said to Explore Sale
Saudi Arabia-based REDA Hazard Control has been exploring strategic options including a full sale, according to people familiar with the matter, offering a rare opportunity for investors to buy into a privately held firm in the kingdom. The fire safety and equipment company has been working with Moelis & Co. on the potential transaction, the people said, asking not to be identified as the talks are private. It has approached prospective buyers — including both regional and international private equity firms, the people said.
