Comedian-turned-entrepreneur Byron Allen announced Thursday the acquisition of the parent company of The Weather Channel television network and Local Now streaming service.
Allen purchased the Weather Group through his company, Allen Media LLC, from The Blackstone Group, Bain Capital and Comcast/NBCUniversal.
The transaction is valued at about $300 million, according to multiple media reports.
“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,” Allen said. “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.”
Dave Shull, CEO of The Weather Channel, said “Allen’s purchase of our innovative and forward-thinking organization will increase the value we bring to our viewers, distributors, and advertisers.”
Allen’s expansion into live and local cable news is the latest step his Los Angeles-based Entertainment Studios Inc. has taken in expanding the global reach of its programming and content. Allen started the privately held company 25 years ago and its divisions now include broadcast television syndication, production and distribution of 41 programs; eight 24-hour HD cable television networks; theatrical motion picture production, acquisition and distribution; digital movie acquisition and distribution; and global news publishing.