Byron Allen’s Allen Media Group hired investment bank Moelis & Co. to sell its television stations across 21 markets as it explores strategic alternatives.

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

Producer and host Byron Allen has hired Moelis & Co. to find buyers for 28 local TV stations his company owns, in an effort to reduce debt while taking advantage of potential deregulation in the broadcast business.