• Get involved.
    We want your input!
    Apply for Membership and join the conversations about everything related to broadcasting.

    After we receive your registration, a moderator will review it. After your registration is approved, you will be permitted to post.
    If you use a disposable or false email address, your registration will be rejected.

    After your membership is approved, please take a minute to tell us a little bit about yourself.
    https://www.radiodiscussions.com/forums/introduce-yourself.1088/

    Thanks in advance and have fun!
    RadioDiscussions Administrators

Allen Media Group lays off 12% of staff

P

PTBoardOp93

Staffers appear to have been cut across the company.
rbr.com

Allen Media Group Addresses RIF Chatter | Radio & Television Business Report

"Strategic changes" are underway at the broadcast and cable media company owned by Byron Allen, resulting in a reduction-in-force initiative, RBR+TVBR has confirmed.
rbr.com rbr.com

Perhaps the most notable was long-time Weather Channel personality Mike Seidel being let go earlier this week. Layoffs have also been reported at several of Allen Media Broadcasting's local markets and the digital subchannel networks operated by AMG.
 
Say, isn't this the same Byron Allen that just a few months ago wanted to buy ABC and their O&O's for a claimed $10B? Seems like what he already has might be struggling. Why on God's green earth would a lender or investors be willing to loan him that much to grow bigger? What's the definition of insanity?
 
PTBoardOp93 said:
Staffers appear to have been cut across the company.

Perhaps the most notable was long-time Weather Channel personality Mike Seidel being let go earlier this week. Layoffs have also been reported at several of Allen Media Broadcasting's local markets and the digital subchannel networks operated by AMG.
Click to expand...

FOX Weather came along and did some fantastic severe weather coverage right out of the gate while The Weather Channel aired canned reruns. Mike Seidel would be an obvious pickup for them if they want to finish the job and seal Byron Allen's fate at TWC.
 
Kelly A said:
Say, isn't this the same Byron Allen that just a few months ago wanted to buy ABC and their O&O's for a claimed $10B?
Click to expand...

After that, he made a $30 billion bid for Paramount:

variety.com

Byron Allen’s Allen Media Group Submits $30 Billion Offer for Paramount Global

Byron Allen's Allen Media Group has made a $30 billion offer for Paramount Global, the company confirmed.
variety.com variety.com

The current crisis is hitting everybody, including Spotify, Amazon, and Google. No one is immune.
 
Kelly A said:
Why on God's green earth would a lender or investors be willing to loan him that much to grow bigger? What's the definition of insanity?
Click to expand...
A Wall Streeter who thinks they're smarter than everyone else and believes they can leverage the analysis stemming from that premise to make big bucks.

Wall Street is unparalleled in its ability to provide access to capital. But sometimes that can amount to burning money.
 
Mark Roberts said:
A Wall Streeter who thinks they're smarter than everyone else and believes they can leverage the analysis stemming from that premise to make big bucks.

Wall Street is unparalleled in its ability to provide access to capital. But sometimes that can amount to burning money.
Click to expand...
The Street kicked traditional media to the dustbin years ago. Same with traditional lenders like Banks. If you aren't already in the business but are willing to claim heavily involved with A.I., then you don't exist.
 
TheBigA said:
The current crisis is hitting everybody, including Spotify, Amazon, and Google. No one is immune.
Click to expand...
The notion of Spotify, Amazon, and Google facing the same struggles as old school media is like Google buying Gannett to support local journalism or Amazon buying Macy's to open new stores but there's a zero chances it will happen because the tech giants continue to trounce old media and retail even if they wanna cut costs because Wall Street treat the tech giants like Gods than the humans of old media and retail even they tried to transition to the internet.
 
DarrenVision said:
Do u think he might bid for Tegna again and/or make a deal with EW Scripps for the smallest markets (except in Tucson and Lafayette).
Click to expand...
Not a chance. He's badly overleveraged and no one takes his bids seriously. If anything he should be selling the stations he has and convert the Weather Channel to a diginet/FAST.
 
Nathan Obral said:
Not a chance. He's badly overleveraged and no one takes his bids seriously. If anything he should be selling the stations he has and convert the Weather Channel to a diginet/FAST.
Click to expand...
Or sell the stations to Hearst, Sinclair, Tegna, or Gray Television; the Entertainment Studios film and TV unit to Lionsgate, The Weather Channel/ESTV Networks/The Grio/This to Disney, Paramount, or Comcast.
 
DarrenVision said:
The notion of Spotify, Amazon, and Google facing the same struggles as old school media
Click to expand...

The three companies I listed have all laid off employees. That was my point. Not that any of them are entering other businesses.

finance.yahoo.com

Google Lays Off Thousands More Employees Despite Record Profits One Year After Laying off 12,000 Employees As Workers Begin Worrying AI is Slowly Replacing Them

Google has initiated significant layoffs across its various teams, including the Voice Assistant, hardware, engineering and ad sales teams, marking a continuation of the tech industry’s trend towards reducing workforce expenses. The layoffs have affected hundreds of employees within the Voice...
finance.yahoo.com finance.yahoo.com


 
TheBigA said:
The three companies I listed have all laid off employees. That was my point. Not that any of them are entering other businesses.

finance.yahoo.com

Google Lays Off Thousands More Employees Despite Record Profits One Year After Laying off 12,000 Employees As Workers Begin Worrying AI is Slowly Replacing Them

Google has initiated significant layoffs across its various teams, including the Voice Assistant, hardware, engineering and ad sales teams, marking a continuation of the tech industry’s trend towards reducing workforce expenses. The layoffs have affected hundreds of employees within the Voice...
finance.yahoo.com finance.yahoo.com


Click to expand...
BTW Google remains undeclineable in search, email, or adtech unless the gov't puts more pressure because I don't think Yahoo wont benefit Google's antitrust scrutiny given Google's mass scale and size.
 
DarrenVision said:
Or sell the stations to Hearst, Sinclair, Tegna, or Gray Television;
Click to expand...
Why would any of those companies want any of those stations? The majority of his portfolio is composed of lower-tier stations in sub-100 markets Nexstar, Gray and Hearst didn't want.

He'd be lucky to sell them to a Coastal/Vision-type no-budget bottom feeder company for a fraction of what he paid for them.
DarrenVision said:
the Entertainment Studios film and TV unit to Lionsgate,
Click to expand...
That's his vanity studio. Why would he want to sell that?
DarrenVision said:
The Weather Channel/ESTV Networks/The Grio/This to Disney, Paramount, or Comcast.
Click to expand...
Not a chance. Neither of those companies need bottom-tier diginets like those and the Weather Channel is a borderline unsalable asset.
 
Last edited:
Nathan Obral said:
Why would any of those companies want any of those stations? The majority of his portfolio is composed of lower-tier stations in sub-100 markets Nexstar, Gray and Hearst didn't want.
Click to expand...
At least if your not Nexstar or Scripps as long as Tegna, Gray, Sinclair and/or Hearst are below the 39% limit.
 
Theater of My Mind said:
FOX Weather came along and did some fantastic severe weather coverage right out of the gate while The Weather Channel aired canned reruns. Mike Seidel would be an obvious pickup for them if they want to finish the job and seal Byron Allen's fate at TWC.
Click to expand...
The problem is just like Fox Business, very few watch Fox Weather. Even crappy Accuweather is watched more than Fox
 
Back
Top Bottom