Byron Allen has just acquired a basic cable channel. The media entrepreneur expanded his media holdings with the purchase of The Weather Channel through his company Allen Media, Deadline reports.
The company acquired the Weather Group, parent company of The Weather Channel TV network and Local Now streaming service, from The Blackstone Group, Bain Capital and Comcast/NBCUniversal, Deadline reports. The price was not disclosed, but Deadline cites sources saying it was about $300 million.
Allen, the founder, chairman and CEO of Entertainment Studios, said in a statement: “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.”
Deadline adds: “Allen, a comedian-turned-entrepreneur, has been growing his Entertainment Studios, which became the largest independent producer of first-run syndicated programming. In 2009, Allen launched six 24-hour HD television networks: Pets.TV, Comedy.TV, Recipe.TV, Cars.TV, ES.TV, and MyDestination.TV.”