Byron Allen’s Media Firm Plans Cost Cuts as Debt Maturities Near

Byron Allen’s Allen Media Group is planning deeper cost cuts as it stares down debt maturities, and has retained advisers, according to people familiar with the matter.

The company, which owns The Weather Channel and other television stations, has engaged Moelis & Co. and Kirkland & Ellis as its own legal counsel, some of the people said, asking not to be identified because the discussions are private. In July, creditors grouped together to tap their own legal advisers.

Allen Media’s debt has been trading at distressed levels over the last few months. The company’s $840 million term loan, ...