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

Seeking to reduce its debt load, Allen Media Group is looking to sell its broadcast TV stations, including WTVA.

Byron Allen's Allen Media Group has engaged investment bank Moelis & Company to sell its television stations across 21 markets. The company has invested over $1 billion in acquiring the stations over the last six years growing to become one of the largest independent privately held owners of Big 4 (ABC,