Byron Allen’s media company, Allen Media Group, is preparing for a significant round of layoffs as part of strategic changes aimed at positioning the company for future growth. The company, which owns properties such as the linear TV network The Weather Channel, TheGrio network and website, local TV stations, streaming service HBCU Go, and branded properties like Cars.TV and Pets.TV, will undergo expense and workforce reductions across all divisions.

No specific details were provided regarding the size of the upcoming layoffs. Founded in 1993, the Los Angeles-based firm has a diverse portfolio that includes a film distribution company responsible for releasing titles like ’47 Meters Down’ and ‘Hostiles.’ Despite these acquisitions, Allen faced challenges with ventures such as the Black News Channel, which he purchased at bankruptcy court for $11 million but later closed down.

With a net worth estimated at $735 million, Allen has expressed interest in expanding his media empire by acquiring linear TV channels from conglomerates looking to divest assets due to cord-cutting trends. He has shown interest in purchasing CNN, BET Media Group, and even proposed leading a $30 billion bid for Paramount Global’s assets.

However, the media mogul’s properties may be affected by the challenging linear TV landscape and broader industry advertising challenges. A representative for Allen Media Group emphasized that despite these obstacles, the company’s brands have been performing well, with revenue growth outpacing the market in many areas. The strategic changes are intended to drive future business opportunities and support growth strategies in the evolving media industry.