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Last week, AfroTech reported that Byron Allen was poised to acquire Tegna in a deal worth $8 billion. Now, however, a new report reveals that the CEO of Allen Media Group has successfully raised $10 billion in a bid to acquire Tegna and engage in some debt management. Reuters is reporting that the deal Byron Allen has put together is backed by 14 banks and 10 investors, including Ares Management Corp, Fortress Investment Group, Oaktree Capital Management, and Michael Milken’s family office. “Ares is leading a $2.2 billion preferred equity investment in support of Allen’s financing package, another of the sources added. Tegna could choose a winning bidder as early as this month, the sources said,” reports the outlet. Byron Allen is said to be going up against investment firms Apollo Global Management Inc. and Standard General LP, but Allen is still poised to be the favorite winner, according to the report. However, New York Post reports that prior to Byron Allen raising the money...
Byron Allen continues to expand the multi-media empire that has made him one of the richest Black men in Hollywood today. Benzinga is reporting that Tegna is a multi-media company that owns more than 64 radio and television stations that span across more than 50 markets across the United States. Allen, who already owns The Weather Channel, also already owns 33 affiliate television stations. He is reportedly in negotiations with Oaktree Capital Management, Fortress Investment Group, and Ares Management to close the deal. According to the outlet, while Byron Allen continues to amass an unprecedented wealth level, he also has incurred some debt. The outlet reports that The Weather Channel incurred what they called a “huge debt load” due to the pandemic. TV advertisers dried up, and decreased their ad spends significantly. So, it remains unclear why he is incurring additional debt with Tegna. That said, the proposed deal is an advantageous one for Allen Media Group. According to the...
Byron Allen’s Allen Media Group is terminating or reassigning all local meteorologists at its nearly two dozen stations nationwide, replacing them with a feed broadcasted to individual stations from The Weather Channel, which he also owns. According to CNN, the layoffs will impact at least 50 meteorologists at stations from Massachusetts to Hawaii. Carl Parker, a veteran storm and climate specialist at The Weather Channel, is leading the initiative, which will give some of the affected meteorologists new jobs at its Atlanta, GA-based hub, and others will have the option to stay in their current markets. The Weather Channel will deploy meteorologists during certain weather events. In a news release on Saturday, Jan. 18, 2025, Allen Media said the “groundbreaking” operation “brings together world-class meteorological expertise, cutting-edge technology, and the most advanced forecasting tools to deliver superior weather content to local television station audiences.” “We are proud to...
If you’re waiting for Byron Allen to sell his media empire, you’re going to be waiting a long time. In an interview with CBS Sunday Morning — which is set to air on Feb. 20 — the comedian-turned-mogul told journalist Lee Cowan that he sees his company as a flashpoint for change in corporate America. Allen says that he’s hoping he can correct what he calls the “trade deficit” between white corporate America and Black America. . @RealByronAllen , who is planning to bid for the NFL’s Denver Broncos, talks to @LeeCowanCBS this #CBSSundayMorning about being the owner of a major media company and being a role model for future black business leaders pic.twitter.com/AVMlF26y3l — CBS Sunday Morning 🌞 (@CBSSunday) February 17, 2022 “Do we or do we not have economic inclusion?” he said. “And the answer is no. … We have to correct the greatest trade deficit in America, which is the trade deficit between white corporate America and Black America. There are kids out there who look like me that,...
Byron Allen continues to prove he’s the man with a plan. According to The Grio, The Allen Media Group — which also, incidentally, owns the outlet — has just signed a deal to acquire a local Fox affiliate in Montgomery, AL. The acquisition, which will cost $28.5 million in pure cash, means that Byron Allen will own 36 television stations in 21 markets. “WCOV-TV is an excellent asset and has been extremely well-managed for decades by the Woods family, who I’ve known for over 35 years,” Byron Allen, the chairman and CEO of Allen Media Group/Entertainment Studios, said in an exclusive statement to the outlet. “Over the past two years, we’ve invested approximately $1 billion to acquire best-in-class, top-tier, Big 4 broadcast network affiliates, and we plan to invest significantly more to acquire additional ABC, CBS, NBC, and FOX television stations with the goal of being the largest broadcast television group in America. All of our media assets work in concert to amplify our...
Nick Cannon is a man of many talents and now he’s adding daytime talk show to his repertoire. The multi-talented entertainer is set to make his big debut in the daytime television world with his self-titled show premiering on Sept. 21. “It’s been thrilling going through this process, and to see the widespread support that the show has received and the milestones we’ve achieved is mind-blowing,” Cannon said in a statement. “We’re gearing up to deliver a must-see show and I’m looking forward to coming to you on your TV this fall.” According to Deadline , the new nationally-syndicated talk show will air in more than 90 percent of the United States and has been cleared on prominent stations like FOX, CBS, Sinclair, Hearst, Nexstar, Mission, COX, Sunbeam, Capitol, Meredith, Tegna, Lockwood, Gray, and CW Plus. “Clearances are climbing because our great station partners are hungry for a rising, versatile and dynamic talent like Nick. His light-hearted style quickly wins over viewers and...