Byron Allen is selling local television stations owned by his Allen Media Group (AMG), and Moelis & Co. is managing the deal. Allen Media Group announced the news on May 2, according to The Los Angeles Times. The company needs to pay down debt, Allen said in a statement. Over the past six years, the company has invested over $1 billion in acquiring stations with the hopes of becoming the largest independent television operator in the United States. Its portfolio includes 28 stations affiliated with ABC, NBC, CBS, and Fox,