The Beginning of the End for Allen Media?

FTVLive FIRST told you that Allen Media is looking to make more cuts, most likely by the end of the month.

You may remember that it was Allen Media who made a play to buy Tegna. Then Allen said they wanted to buy CBS.

Now, the bigger question is how much longer will Allen Media exist.

Allen Media is in distress, and it has gotten bad enough that some of the first-lien lenders to Allen Media Group have organized with the law firm Gibson Dunn & Crutcher for legal advice.

The lenders are trying to maintain a united front as AMG’s debt falls further into distress.

Lenders have also signed a cooperation agreement that binds creditors to act together should the company want to pursue talks.

Allen Media can try to spin this, but the company is in trouble. We expect a bankruptcy filing soon.

Stay tuned…

H/T Bloomberg