Yahoo Finance Byron Allen's Allen Media Group facing layoffs across all divisions of the company
Allen Media Group, the company owned by TV mogul Byron Allen, is set to undergo a significant round of layoffs that will affect all divisions of the business.
"Allen Media Group is making strategic changes to better position the company for growth that will result in expense and workforce reductions across all divisions of the company," a spokesperson said Thursday in a statement to The Times.
"Allen Media Group's brands continue to perform well and in many areas our revenue growth has greatly outpaced the market. We are aligning these changes to drive future business opportunities and support our growth strategies in our rapidly evolving industry."
The company did not say how many jobs would be cut.
Allen Media Group is the parent company of the Weather Channel and a number of local TV stations.
The stand-up comedian and TV producer has been making lots of headlines lately amid reports that he was among the entertainment executives looking to acquire Paramount Global.
Earlier this year, Allen made a $14.3-billion bid to purchase all of the outstanding shares of the New York City-based entertainment company — home of Paramount Pictures, CBS and other legacy brands and franchises.
But analysts and investors were skeptical of Allen's bid for Paramount, questioning whether he'd be able to raise the funding necessary to pull off a deal.
This is a developing story.
This story originally appeared in Los Angeles Times.
