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Media mogul Byron Allen might be adding to is ever-growing empire soon.
Allen may be considering a bid to purchase for several television stations from broadcaster E.W. Scripps Co. according to a recent Bloomberg report. The outlet also reported that Allen is seeking funding to pay for the potential deal, per close sources.
“Allen Media Group, the company owned by the TV producer, is seeking financing from private lenders, said the people who declined to be identified as the details are private,” Bloomberg wrote. “The debt may be at least $200 million.”
If true, the move may be a part of the aggressive acquisition strategy Allen spoke to earlier this year.
As previously reported by ESSENCE, he recently hosted a media upfront at Avra restaurant in midtown Manhattan and delivered a keynote to the crowd of media buyers and television personalities that underscores his business approach: aggressive.
“We plan to buy more [local TV stations], we really like that,” Allen said according to the Hollywood Reporter. “We’re going to buy more cable networks. We’re very acquisitive. We’re going to buy whatever we can that makes sense. I will say we are truly aggressive when it comes to acquisitions. If it’s for sale — if it’s a lemonade stand — we want to buy it. It has to have a video monitor, it just can’t be lemonade, it has to have a video monitor so we can program that.”
Allen also made headlines earlier this year when he reportedly entered a bid to purchase BET from Paramount, but the company decided not to sell in the end.
“Byron Allen is interested in buying BET, and he will be pursuing the acquisition of the network,” a representative for the mogul said.
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