Byron Allen Sells Ten Local TV Stations for $171 Million
Byron Allen, an emerging figure in the media landscape, has sold ten local television stations for $171 million, as his company seeks to restructure its operations.
Allen Media Group, which owns the Weather Channel, divested ABC, NBC, CBS, and Fox affiliates to Gray Media, a company based in Alabama with a presence in Illinois, Indiana, and Louisiana, managing 180 local stations across 113 markets in the South and Midwest.
This deal is expected to finalize in the fourth quarter, pending approval from the FCC.
Earlier this year, Allen Media Group also sold 28 local TV stations to various markets with help from Moelis & Company. They own additional affiliates in locations like Honolulu and California.
The shifting landscape of media advertising has seen a steady decline, coupled with persistently high interest rates. This has forced Allen Media to manage the aftermath of significant layoffs from the previous year.
At one point this year, local meteorologists were emotionally bidding farewell as the company transitioned to a feed from the Weather Channel, which was acquired in 2018 for $300 million.
Plans are in place to either lay off or reassign around 50 meteorologists across their local stations, as they establish a new Atlanta Hub for weather coverage.
In October, the Weather Channel also reduced its workforce and shut down its Spanish version, reflecting broader cost-cutting measures.
In February, the company refinanced a $100 million revolving credit facility to further cut expenses and allow time to sell these stations.
Despite these challenges, Allen remains active in show business, continuing to host “Comic Unleashed” in the late-night slot on CBS, alongside a 30-minute comedy program.
He has made several attempts to acquire major media companies over the years, including a $30 billion bid for Paramount last year. Recently, the FCC approved a significant $8.4 billion merger between CBS’s owner Paramount and Skydance Media.
In 2023, it was reported that Allen made a $10 billion offer to Disney for ABC and parts of its cable network. There were also rumors about his interest in EW Scripps.
