Last fall, I questioned whether 9News could get “Aldened” after reports surfaced that entertainment mogul Byron Allen was working with investment firm Apollo Global Management to finance an acquisition of TEGNA, 9News’ parent company. As I wrote at the time, “If you are a 9News employee, or someone who just values journalism, you can’t be comfortable with the idea that Apollo might do to TEGNA what (investment firm) Alden has done to the Denver Post – bleed it to near death to maximize the return on investment.”
This week, we learned that Allen may have a new trophy in sight – the Denver Broncos. But there are some problems, including that Allen’s net worth is just 11% of the roughly $4 billion it would take to buy the Broncos. Additionally, NFL rules require the controlling owner to purchase outright a minimum 30% stake in the team (no leveraging the acquisition). That means Allen is still short $750 million of accomplishing that.
These facts may be why 9News assigned
Broncos public affairs staffer “Broncos Insider” Mike Klis to cover the story with kid gloves rather than Jeremy Jojola, Marshall Zelinger, Kevin Vaughan or any of its other hard-hitting investigative journalists. I don’t want Allen and a equity fund anywhere near 9News either.