Byron Allen’s media group sells 10 local TV stations in $171M deal

Byron Allen’s media group sells 10 local TV stations in $171M deal

Aspiring media mogul Byron Allen offered off 10 local TV stations for $171 million as his struggling firm unwinds its portfolio.

Allen Media Group — which owns The Weather Channel — offered its ABC, NBC, CBS and Fox associates based in Alabama, Illinois, Indiana and Louisiana to Gray Media, which has 180 local stations in 113 markets within the South and Midwest.

The deal is predicted to shut within the fourth quarter, pending FCC approvals, according to Gray.

Byron Allen at a Tribeca Festival event on media. Getty Images for Tribeca Festival

Allen Media Group – which also owns associates in Honolulu, Hawaii and California – put 28 local TV stations across 21 local markets up on the market in June with assist from Moelis & Company.

The comedian-turned-entrepreneur’s firm has suffered as media advert spending has steadily declined across the business and rates of interest have remained stubbornly high, pushing the agency to order mass layoffs last 12 months, The Post beforehand reported.

Earlier this 12 months, local meteorologists at Allen Media stations had been compelled to provide tearful goodbyes after the corporate changed them with a feed from The Weather Channel.

Allen Media deliberate to put off or reassign a minimum of 50 meteorologists across all of its local stations because it constructed a new Atlanta hub to steer coverage at The Weather Channel, which the corporate acquired for $300 million in 2018.

The Weather Channel also trimmed its workforce last October, and shut down its Spanish-language model as a part of “extensive cost-cutting measures.”

In February, the corporate refinanced its $100 million revolving credit score facility in its latest try to chop prices and provides itself time to unload the stations.

Byron Allen on the 2025 Vanity Fair Oscar Party in March. Getty Images

Allen, meanwhile, has continued to snap up new offers, taking over the 12:30 a.m. slot on CBS with “Comics Unleashed,” a half-hour comedy present that he’ll host.

Allen has led a handful of unsuccessful bids for media giants over the past few years, last 12 months providing to take over Paramount for $30 billion.

The FCC just lately greenlit the long-awaited $8.4 billion deal between CBS proprietor Paramount and David Ellison’s Skydance Media.

Gray Media is taking over 10 local TV stations from Allen Media Group. Facebook/Gray Media

In 2023, Allen reportedly provided Disney $10 billion for ABC and some of its cable networks.

He also reportedly thought-about making a proposal for E.W. Scripps.

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