Allen Media Group Hires Moelis to Sell Local TV Stations to Reduce Debt

By Kelly Cloonan

Byron Allen's media company has hired Moelis to find buyers for its local television stations as it looks to significantly reduce its debt.

Allen Media Group has invested over $1 billion in acquiring television stations over the last six years, the company said in a statement on Monday. The company didn't say how many stations it intends to sell or for how much.

The company currently owns and operates 28 affiliate stations of major networks, including Disney's ABC, Paramount Global's CBS, Comcast's NBC and News Corp's Fox, across 21 U.S. markets.

"Six years ago, Allen Media Group began the process of investing over one billion dollars to acquire big four network-affiliated television stations. 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," Chief Executive Byron 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," he said.

Write to Kelly Cloonan at [e-mail]

(END) Dow Jones Newswires

06-02-25 1347ET