Allen Media Group has hired the investment bank Moelis to market the 28 local stations it owns in an effort to reduce its debt.

Byron Allen has taken substantial steps toward selling off his local TV stations, according to multiple sources. The sale would allow him to further pay down debt associated with his acquiring and operating of various TV assets.

Allen Media Group has hired a financial firm to help it sell its 25 local TV stations. AMG, which was founded and run by Byron Allen, is the largest independent owner of TV stations in the U.S. It began buying Big Four-affiliated TV stations about six years ago, building up its portfolio to cover 21 markets.