Byron Allen, founder, chairman and CEO of Allen Media Group has pulled off a whopper. He said his company’s decision to sell its broadcast television stations… This decision is deeply welcome after an acute financial crisis. Fifth, over the last year, we suffered regular payment freezes to network owners, totaling seventy million dollars plus. In one case, payments were up to 90 days late, indicating a warning sign of the company’s liquidity.
Their parent company, Allen Media Group, has been under ever mounting pressure from bills going unpaid. Allen originally started the company in the early 1990s under the name Entertainment Studios. The company’s difficulties have reportedly led to layoffs within its stations as it seeks to navigate the turbulent media landscape. Earlier this year, Allen Media Group refinanced a $100 million debt facility in an effort to stabilize its financial situation.
Allen has consistently expressed a desire to grow his media portfolio. In 2024, he made headlines with a $30 billion bid for Paramount Global, demonstrating his ambition to acquire more significant media assets. His $10 billion initial bid for ABC and other Disney-owned networks was huge. Further, he apparently suggested $3.5 billion for Paramount’s BET Media Group. These moves are a signal that Allen is committed to expanding his company, even while it continues to struggle under the weight of past financial commitments.
Sinclair Broadcast Group was forced last year to explore selling off more than 30% of its stations. Seen as part of a larger trend across the industry, companies re-evaluate their assets amid changing market dynamics.
Byron Allen has long since graduated from his days as a comedian. Today, he is a titan of the media world – known for his audacious leaps and transformative vision. He addresses the Milken Institute Global Conference in Beverly Hills, California, on May 2, 2022. He stressed the important need for innovation and adaptation in a fast-changing marketplace.