Layoffs Underway At Byron Allen’s Allen Media Group

deadline.com:

Byron Allen‘s Allen Media Group confirmed Thursday that it is undergoing layoffs as part of strategic changes at the media company “to better position the company for growth.” According to a statement, the changes include “expense and workforce reductions across all divisions of the company,” which includes network, broadcast and syndication divisions; The Weather Channel; digital network TheGrio; and a motion picture division. “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.” The number of layoffs was not disclosed, but Allen is joining the list of media companies cutting staff as cord-cutting keeps accelerating in the TV biz.

The privately-owned AMG currently owns 36 ABC/NBC/CBS/Fox network affiliate broadcast television stations in 21 U.S. markets and 12 24-hour HD television networks including The Weather Channel, along with its AVOD service Local Now.

It also houses a movie distribution company following the purchase of Freestyle Releasing, with films including 47 Meters Down and its sequel, and Hostiles among its bigger titles.

Allen has been looking to land more big fish via acquisition, most recently going public with a $30 billion offer (including equity and outstanding debt) for Paramount Global with interest in keeping the broadcast assets, linear networks and potentially Paramount+.