Comedian and producer Byron Allen acquired the Weather Channel TV network as he looks to expand his film and TV production company into a major media business.
Allen’s Entertainment Studios Inc. bought the network from Blackstone Group, Bain Capital and Comcast Corp., according to a statement Thursday. The price was approximately $300 million, according to a person familiar with the terms who wasn’t authorized to speak publicly and asked not to be identified. That’s a fraction of what the larger company sold for a decade ago.
The deal includes the famous cable TV network, but not online assets such as the website Weather.com and related mobile apps, which were acquired by International Business Machines Corp. in January 2016. In an interview on a day in which rain and snow blanketed much of the U.S., Allen said he was attracted to the reach and familiarity of the brand.
“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.