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Allen Media Group is looking to sell some of its stations to reduce its debt.
AMG has engaged investment bank Moelis & Company to sell its 28 ABC, NBC, CBS and Fox affiliated stations across 21 markets.
“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 AMG. “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.”
The company has had to undergo cuts over the last year. At one point it tried hubbing its local weather forecasts through its owned network The Weather Channel.
The company said Moelis 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.”
