Byron Allen, photo via Instagram
In a move reflecting broader industry trends, Allen Media Group, owned by media mogul Byron Allen, has announced a significant round of layoffs across its various divisions. The decision comes amidst strategic changes aimed at positioning the company for future growth in an evolving media landscape.
The announcement, made by a representative for Allen Media Group, stated that the layoffs would entail expense and workforce reductions across all divisions of the company. This includes divisions such as network, broadcast, and syndication, as well as notable properties like The Weather Channel (purchased for what was reported to be around $300 million in 2018) and digital network TheGrio. While the exact number of layoffs was not disclosed, it is evident that Allen Media Group is undertaking substantial restructuring efforts.
“Allen Media Group is making strategic changes to better position the company for growth that will result in expense and workforce reductions across all divisions of the company,” a rep for Allen Media told The Hollywood Reporter.
The Los Angeles-based firm was founded in 1993. Other properties include local TV stations in multiple cities, streaming service HBCU Go and branded properties like Cars.TV and Pets.TV. The company also includes a film distribution company that has released such titles as shark thriller “47 Meters Down” and “Western Hostiles,” among other films. In 2021, Allen bought Black News Channel at bankruptcy court for $11 million with hopes to revive the brand, but shut it down a year later, The Hollywood Reporter reported.
Byron Allen, with a net worth estimated at $735 million, has positioned himself as a formidable force in the media industry, with aspirations of acquiring major media assets. His public expressions of interest in acquiring networks like CNN and BET underscore his ambition to reshape the media landscape. He also but in a bid to buy the ABC network and other Disney TV offerings.
The company’s statement also said, according to Deadline, “Allen Media Group’s brands continue to perform well and in many areas our revenue growth has greatly outpaced the market,” today’s statement said. “We are aligning these changes to drive future business opportunities and support our growth strategies in our rapidly evolving industry.”
Byron Allen, photo via Instagram, https://www.instagram.com/p/C0Fcqu2vgot/?hl=en&img_index=2
