In a major discount, MEDIA MGUL BYRON Allen kept the Melis & Co. To sell the network stations of the network after spent more than one billion dollars to overcome the outlets in the smaller markets.
Allen Media Group announced the news on Monday morning. It owns nearly twenty stations, including in northern California near Reding, as well as Honolulu; Flint, Michigan; Madison, Weiss. Tobello, Miss.
Allen said in a statement that the company needs to pay debts.
Allen refused to provide details of its money.
Los Angeles Pacz has spent a large during the past six years buying stations with the aim of becoming the largest independent TV operator in the United States where many Allen stations stand in its markets with programming from one of the four major broadcasting networks: ABC, CBS, NBC and Fox.
“We have received many inquiries and offers written for most of our TV stations, and now it’s time to explore access to this huge investment,” Allen, Chairman and CEO, said in a statement. “We will take advantage of this opportunity to take a serious look at the offers, and sales returns will be used to reduce our debts significantly.”
Allen Media GroupWhich was found by Allen in 1993, also possesses dozens of TV channels, including Weather channel.
The businessman in Los Angeles and the former comedian to stand up to his empire steadily for more than a decade.
However, the TV advertising market has become an increasing challenge in recent years as media buyers convert their budgets into digital platforms where they are likely to find younger consumers. The television ads market has become more tense with the addition of broadcasting services, including Netflix, Amazon Prime Video, and Paramount+ competing with the old stations of the dollar.
A decade ago, Allen brought a high -level suit worth $ 20 billion against two of the country’s largest TV distributors, Pom and Etisalat CharterOn the pretext that racism was the reason for not implementing its small TV channels on these services.
The case eventually arrived at the US Supreme Court and was of legal importance because it relied on the historic civil rights law of 1866, which was enacted a year after the end of the civil war and assigning them to have black citizens the same right … to make contracts and impose them … as white citizens enjoy them.
But the Supreme Court canceled many Allen’s arguments. In Resolution 9-0 in March 2020, The Supreme Court said it was not enough for the civil rights prosecutor To confirm that his race was one of the many factors that motivated a company to refuse to deal with. Instead, the person must appear sweat is the decisive and decisive factor.
Last month, CBS picked up “Comics Unable with BYRON Allen” to run at 12:35 am
