One of the media group’s properties affected, HBCU Go, has helped HBCUs gain revenue through media deals.
Allen Media Group has announced that layoffs will soon impact its employees. The company is owned by Byron Allen, a prominent Black film producer and aspiring media mogul.
Allen Media Group holds a vast portfolio comprised of both linear television and streamers, such as The Weather Channel, The Grio, and HBCU Go. A spokesperson for the company shared that they will undergo restructuring that includes a round of layoffs to optimize growth.
“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,” explained the rep to the Hollywood Reporter.
They continued, “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 growth strategies in our rapidly evolving industry.”
Allen hopes to turn around profits for the company as he continues to pave a lane for Black-owned media.
Source: Black Enterprise
