Byron Allen Purchased The Weather Channel
Comedian and producer Byron Allen bought the Weather Channel TV network as he plans to expand his film and television production company.
Allen’s “Entertainment Studios” bought the network from Blackstone Group, Bain Capital and Comcast Corp. for $300 million, a fraction of what the larger company sold for a decade ago (3.5 billion in 2008)
“Snowstorms, rain, mudslides, our lives and our families’ safety depend on this info,” Allen said. “When a big storm happens, it’s the Super Bowl of weather. As many as 30 million people watch.” Allen said he want to invest more in the Weather Channel, expanding both its international and local distribution. It’s part of a broader plan to invest what he said would be “billions of dollars in the media and entertainment industry”.
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