Byron Allen Could Potentially Place A Bid To Purchase Scripps TV Stations, Report Says

Bloomberg reports that the media mogul and businessman may place a bid for multiple TV stations owned by E.W. Scripps Co. The outlet’s sources disclosed that Allen is in talks with private lenders to seek funding for the potential purchase.

The debt for the TV stations he may be looking at is said to be around $200 million. However, the sources noted that “discussions are in the preliminary stages and plans could change.” Additionally, it’s reported that the Scripps TV stations aren’t located in major markets.

The news of Allen’s potential bid comes after it was reported that he put in a preliminary $10 billion offer to Walt Disney Co. to acquire some of its networks, including ABC TV, FX, the National Geographic channels, and local stations, as previously shared by AFROTECH in September 2023.

“Allen is basing his offer on the assumption that the properties generated $1.25 billion in earnings before interest, taxes, depreciation and amortization over the past 12 months,” Bloomberg wrote about the Disney offer at the time. “If that number is lower or higher, Allen would change his proposed price, which is based on a multiple of eight times ebitda.”

Bloomberg’s source had also claimed that Allen planned to work with banks and private equity firms for the funding of that deal and could potentially sell his non-ABC affiliated local TV stations to alleviate any potential strain with networks such as CBS, NBC, and more.

Allen’s interest in acquiring more network assets was news earlier this year as well. There had been speculation that he was one of the people interested in securing Paramount’s majority stake in BET Media Group. However, in August 2023, Paramount officially announced that it was no longer interested in moving forward with bids as “a sale wouldn’t result in any meaningful deleveraging of its balance sheet,” per The Wall Street Journal.