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 necessary for acquiring Tegna, Standard General was originally poised to be the clear winner of the bid. Additionally, there were some questions raised about Allen’s compensation package, which he took even after The Weather Channel took a significant financial hit.

“Allen made some lenders skittish after an audit they conducted this summer showed he’d drawn a hefty compensation package from his company, which had recent annual revenue of around $600 million, even as business was declining, sources said. Allen paid himself a total compensation package of $50 million in 2020,” the Post reports.

Additionally, the $10 billion will also include some debt refinancing. 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 spending significantly.