Money Moves March 26, 2018 at 08:02 pm

Byron Allen acquires The Weather Channel in multi-million-dollar deal

Farida Dawkins | Contributor

Farida Dawkins March 26, 2018 at 08:02 pm

March 26, 2018 at 08:02 pm | Money Moves

Byron Allen...The Drum

Entertainment Studios, founded and chaired by Byron Allen was just named as the new owner of The Weather Channel.

“The Weather Channel is one of the most trusted and extremely important cable networks, with information vitally important to the safety and protection of our lives,” “We welcome The Weather Channel, which has been seen in American households for nearly four decades, to our cable television networks division. The acquisition of The Weather Channel is strategic, as we begin our process of investing billions of dollars over the next five years to acquire some of the best media assets around the world.” Allen revealed in a press release.

The deal involved Allen gaining the channel via his company Allen Media LLC from Comcast Corporation and private-equity firms Blackstone Group LP and Bain Capital for $300 million dollars.

The new deal just comes in time for World Met Day, which aims to highlight the services that national meteorological and hydrological Services serve to all of mankind for the sake of everyone’s well-being.

Entertainment Studios already has 41 television shows, eight 24-hour cable networks, and various film and distribution deals under its belt.

Allen formulated Entertainment Studios in 1993 in his home. Since, he’s opened offices in Chicago, Denver, Raleigh, North Carolina and Los Angeles.

Some of the networks that Allen currently owns are Pets.TV and Comedy.TV.

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