Media magnate Byron Allen transfers ownership of 10 TV stations to Atlanta-based media company in a $171 million transaction.
In a strategic move to pay off debt and secure the future of his media group, Byron Allen, chairman and CEO of Allen Media Group (AMG), has announced the sale of 10 television stations for $171 million. This decision comes as part of a broader strategy to monetise assets and deleverage in response to economic pressures on traditional TV and changing viewer behaviours.
The sale, which is still subject to regulatory approval, FCC ownership waivers, and other standard conditions, will see AMG's local TV stations affiliated with major networks (ABC, NBC, CBS, and Fox) in 21 U.S. markets being offloaded. The deal was managed by Moelis & Co.
The sale involves stations in Columbus-Tupelo, Mississippi; Terre Haute, Indiana; and West Lafayette, Indiana. Gray Media, Inc., the acquiring company, expects the deal to close in the fourth quarter of 2025. The transaction will allow Gray Media to enter three new markets and create new duopolies, enhancing local news, weather, and sports programming.
The sale is a significant step towards reducing the substantial debt accumulated by AMG from its aggressive acquisitions over the past several years, which involved over $1 billion in investments. Byron Allen has publicly stated that now is the time to explore offers and get a return on the investment.
Prior to this decision, AMG had initially planned to cut weather forecasting operations across its local television stations to reduce costs, potentially leading to the termination of nearly 100 local forecasters across 36 outlets. However, after facing severe backlash, AMG reversed the decision in January 2025.
In addition to its local TV stations, AMG's portfolio includes 28 stations affiliated with ABC, CBS, Fox, NBC, The Grio, Local Now, and 10 24-hour HD television networks. In February 2025, AMG refinanced its $100 million revolving credit facility to extend debt maturities and support ongoing operations.
At CES 2024, Byron Allen expressed his continued commitment to linear television, stating, "I can run them better just like I'm breathing right now." Despite this commitment, Allen has also criticised legacy assets in the media industry for overspending and wasting resources.
With the proceeds from these sales, AMG aims to significantly reduce its debt and reposition itself for future investments or shifts towards streaming and other media ventures. This strategic move is reflective of a focus on deleveraging by monetising assets in a rapidly changing media landscape.
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