Comedian Byron Allen Buys The Weather Channel For $300 Million
Comedian/producer, Byron Allen, has expanded his already expediential media empire with the Thursday (Mar. 22) announcement that his company now owns The Weather Channel.
Per a source described by Bloomberg as “a person familiar with the terms (that isn’t) authorized to speak publically,” Allen’s Entertainment Studios, Inc. acquired the network from Blackstone Group, Bain Capital, and Comcast for an estimated $300 million dollars. The Weather Channel sold for nearly $4 billion in 2008.
While The Weather Channel powers climate coverage on various mediums including Apple’s standard weather app, disclosed details reveal that Allen and his partners will only own the rights to the TV network and not The Weather Channel’s outside assets.
Yet by buying The Weather Channel for merely a fraction of what it sold for a decade ago, this move still has potential. With Allen adding The Weather Channel to a company that already owns the online outlets of Comedy.tv and Car.tv, he is putting Entertainment Studios, Inc. in a position to showcase its known syndication and production skills.
This opportunity to expand The Weather Channel is something Allen is optimistic about as his overall goal is to invest in broadening the entire entertainment industry. But on the off chance The Weather Channel’s growth does not pan out as planned, Allen is still confident in the network’s profitability.
“Snowstorms, rain, mudslides, our lives, and our families’ safety depend on this info,” Allen told Bloomberg. “When a big storm happens, it’s the Super Bowl of weather. As many as 30 million people watch.”