Byron Allen’s Allen Media Group has engaged investment bank Moelis & Company to sell its television stations across 21 markets.
The company has invested over $1 billion in acquiring the stations over the last six years growing to become one of the largest independent privately held owners of Big 4 (ABC, NBC, CBS, FOX) network affiliates.
“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,” said Byron Allen, founder and chairman- CEO of Allen Media Group. “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.”
Moelis in general will work as a financial advisor “to help evaluating various financial and strategic alternatives to position AMG for future success and to maximize the value of its assets,” the company said.
MORE
