LOS ANGELES — The broadcast media company owned by Byron Allen has successfully refinanced its $100 million revolving credit facility.
While that’s good news from Allen Media Group, it may not dispel industrywide discussion that AMG’s fiscal challenges are significant and largely behind a recent effort to phase out local meteorologists at its TV stations in favor of an Atlanta-based hub powered by The Weather Channel.
Specifically, AMG on Monday noted that the refinancing of its revolving credit facility extends its debt maturities to 2027.
Commenting on the two-year extension, the company said, “This refinancing is a testament to the company’s strong financial performance for the third quarter of 2024, which saw revenue increase by 12% with adjusted EBITDA more than doubling, increasing by 104% year over year.”
It did not state if that increase was driven by cyclical political advertising.
Byron Allen, who serves as AMG’s founder and Chairman/CEO, commented, “We are extremely pleased with the outcome of this refinancing, which provides us with the capital support needed to continue building on our growth strategy. This achievement demonstrates the strength of our business and the capital markets’ confidence in our future, as we execute on our long-term vision.”
AMG added that the extended debt maturities allow the privately held company to focus on its short-term and long-term goals while continuing to deliver value to stakeholders.
