Allen's move marks a significant retrenchment after spending more than $1 billion to load up on stations in small and medium-sized markets.

Byron Allen's Allen Media Group has engaged investment bank Moelis & Company to sell its television stations across 21 markets. The company has invested over $1 billion in acquiring the stations over the last six years growing to become one of the largest independent privately held owners of Big 4 (ABC,

Byron Allen has taken significant steps to sell off his local TV stations, according to multiple sources. The move would help him pay down certain debt.