Aspiring media mogul Byron Allen sold off 10 local TV stations for $171 million as his struggling company unwinds its portfolio.

Allen Media Group — which owns The Weather Channel — sold its ABC, NBC, CBS and Fox affiliates based in Alabama, Illinois, Indiana and Louisiana to Gray Media, which has 180 local stations in 113 markets in the South and Midwest.

The deal is expected to close in the fourth quarter, pending FCC approvals, according to Gray. 3

Allen Media Group – which also owns affiliates in Honolulu, Hawaii and California – put 28 local TV stations across 21 local markets up for sale in June with help from Moelis & Company.

The comedian-turned-entrepreneur’s company has suffered as media ad spending has steadily declined across the industry and interest rates have remain

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