Allen Media Group has retained investment bank Moelis & Co. to sell its 28 stations affiliated with ABC, NBC, CBS and Fox in 21 U.S. markets, according to CNBC, including Madison’s WKOW and its affiliates in La Crosse, Eau Claire and Wausau.
Founder Byron Allen said company investments to acquire the stations over the past six years have totaled over $1 billion. The news comes after Allen Media Group earlier this year refinanced a $100 million debt facility, and last year, the company reportedly was consistently late in making payments to its network owners. Stations have also reportedly undertaken layoffs.
The company expects the sale of the stations to substantially reduce its debt load.
