Is Buying Tegna a Make or Break for Byron Allen?

Word is that Byron Allen has secured about $8 billion bucks in his effort to buy the Tegna stations.

The NY Post says that the Tegna deal could make or break his budding business empire.

The Post writes, that the Allen Media Group thus has amassed 33 local TV network affiliate stations — gets his hands on Tegna’s 64 stations, his bargaining position with cable giants could get a major boost. Allen also could gain leverage to sell cable companies his other nine fledgling networks including Pets.TV, Comedy.TV, Recipe.TV and Cars.TV.

One problem: Allen is bidding against the hedge fund Standard General, whose CEO Soo Kim owns the Bally’s casino empire and is teaming up in his bid with Apollo Global Management, the deep-pocketed private-equity giant. They have already submitted a fully financed offer of $22 a share for Tegna, according to multiple sources. Tegna shares on Friday closed at $19.66.

If Allen doesn’t close the deal for Tegna, his mini-media empire could find itself on shaky ground under the weight of excessive debt, sources said. The Weather Channel (which Allen owns) earns less than 15 cents a month per cable subscriber and makes most of its money from advertising, according to a person familiar with the situation. Still, Allen Media did well in the September “upfronts” where media companies sell airtime to advertisers, according to a source familiar with the circumstances.

Stay tuned….