*Byron Allen’s Black news platform, TheGrio, has initiated a restructuring process resulting in the layoff of numerous staffers, including eliminating the managing editor’s position.
“The axe is falling at TheGrio,” an individual with knowledge of the situation told TheWrap. Members of the podcast and video team have also been laid off along with managing editor Christy Oglesby, an insider spilled, TheWrap reports.
In 2016, Allen Media Group acquired TheGrio and established it as the biggest Black news site. The media mogul also owns 27 network affiliate broadcast television stations across 21 U.S. markets.
Earlier this year, Allen submitted a $30 billion offer to buy Paramount Global’s outstanding stock, existing debt, and equity.
Bloomberg News first reported that Allen made a $14.3 billion offer to buy Paramount Global’s outstanding shares.
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“Mr. Byron Allen did submit a bid on behalf of Allen Media Group and its strategic partners to purchase all of Paramount Global’s outstanding shares,” the statement said, according to THR. “We believe this $30 billion offer, which includes debt and equity, is the best solution for all of the Paramount Global shareholders, and the bid should be taken seriously and pursued.”
Per a press release: Allen Media Group owns 27 ABC-NBC-CBS-FOX network affiliate broadcast television stations in 21 U.S. markets and twelve 24-hour HD television networks serving nearly 220 million subscribers: THE WEATHER CHANNEL, THE WEATHER CHANNEL EN ESPAÑOL, PETS.TV, COMEDY.TV, RECIPE.TV, CARS.TV, ES.TV, MYDESTINATION.TV, JUSTICE CENTRAL.TV, THEGRIO TELEVISION NETWORK, THIS TV, and PATTRN.
An AMG spokesperson said in a recent statement, “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.”
The company’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,” Allen Media Group said.
READ MORE FROM EURWEB.COM: Byron Allen Offers $30B to Buy Paramount Global
