Byron Allen continues to expand his Entertainment Studios empire. Through his company Allen Media, Allen has acquired The Weather Channel basic cable TV network from The Blackstone Group, Bain Capital and Blackstone Group and Comcast/NBCUniversal.
While no dollar figure has been confirmed, reports say the purchase price was around $300 million.
“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.” - Byron Allen, Founder, Chairman, & CEO of Entertainment Studios.