Allen Media Group Retains Moelis To Sell Its TV Stations
It says the money from the 25 stations in 21 markets “will significantly reduce Allen Media Group’s debt.”
tvnewscheck.com
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Allen Media Group exploring stations sale
- Thread starter Mediafrog+
- Start date
tvnewscheck.com
K.M. Richards
Program Director, The Eighties Channel™
I guess even as successful an entrepreneur as Byron is, he's not immune to the debt service from expanding his holdings so quickly.
As I have said many of times Byron I'm A Cheap Skate Allen had no business buying TV stations should've just stayed in his lane and just selling his syndication dreck to the TV station groups. No white knight coming to save the TV stations in my opinion, Allen losing money on the sale than what he paid for those TV stations.
I think you might just hate him more than I do!
What shows are these?
When Obama was president, Allen did a sitcom called "The First Family" about the first Black president and his crazy family. The cast included John Witherspoon, Marla Gibbs, Jackee and Gladys Knight.
That sounds absolutely terrible.
AMG syndicates nine court shows (including "Mathis Court", "The Verdict with Judge Hatchett"), and some shows focused on comedy ("Kickin' It with Byron Allen", "Comics Unleashed", "Funny You Should Ask"), among others. I don't think there are any scripted shows among them.
I liked it.
Update: Gray Media buying Allen Media stations in ten markets. Will result in several triopolies.
Byron was one of those who offered to buy BET. Perhaps this is a way to get the cash to make another offer.
variety.com
I'm sure SkyDance will gladly take Byron's money.
Byron Allen Offers to Buy BET From Paramount Global for $3.5 Billion
Byron Allen renewed his bid to acquire BET Media Group from Paramount Global -- extending a $3.5 billion offer.
variety.com
I'm sure SkyDance will gladly take Byron's money.
With the FCC likely to loosen the ownership rules in the next year, it appears that Gray wants to get in the gate early to see what will fly. They can always amend the deal to exclude one of the stations or sell/trade off an excess station in the market. For weak owners like Allen, this will be the last chance to get out.
I doubt it. Allen Media Group is in so much debt because they don't know what they are doing. They made cuts like crazy in the last year to try and pay down that debt. They also pretty much ran ThisTV into the ground after buying it and then shut it down.Byron was one of those who offered to buy BET. Perhaps this is a way to get the cash to make another offer.
Byron Allen Offers to Buy BET From Paramount Global for $3.5 Billion
Byron Allen renewed his bid to acquire BET Media Group from Paramount Global -- extending a $3.5 billion offer.
I'm sure SkyDance will gladly take Byron's money.
Allen Media Group Bows Out, So What Happens Next?
AMG employees would do well to calibrate any enthusiasm for a new owner.
tvnewscheck.com
Gray Media to acquire 10 stations from Allen Media
Gray Media will acquire nearly a dozen local television stations from Allen Media Group, the companies announced on Friday.
thedesk.net
Gray Media to get some of the Allen Media Stations. Here are the stations that are now going to Gray Media.
That leaves Honolulu, Madison, Wausau, La Crosse-Eau Claire, and Southern Oregon as the only places with a “For Sale” sign.
From a much more definitive source:
www.hollywoodreporter.com
Byron Allen Sells 10 Local TV Stations to Gray Media in $171 Million Deal
The mogul put his stations on the market back in June.
www.hollywoodreporter.com
A very very bad sign for Byron when the bank is basically selling the stations.
Moellis & Co. is a bank, not necessarily the bank that holds the notes on AMG.
Many of Allen Media's stations came from regulatory divestitures from other broadcasters (Nexstar and Gray most notably), so selling all the stations in one piece was always unlikely. Although at least two of the stations being acquired were part of the Quincy media spinoffs: WREX/Rockford, Ill. and WSIL/Harrisburg, IL (and it's satellite, KPOB).
I presume that failing station waivers will be sought.
Also Tucson, no?
Hawaii and Wisconsin are no-go, since Gray already owns network affiliates in all of them. Allen needs to find a different buyer for those. I wonder if Hubbard or Hearst would be interested in expanding their ABC holdings in the Upper Midwest (Hearst owns WISN in Milwaukee, which dominates the market, and Hubbard owns all the ABC affiliates in Minnesota). But that's just me speculating.