Byron Allen Makes It Rain To Buy Weather Channel Network
Comedian and producer, Byron Allen bought the Weather Channel TV Network for $30 million with plans to expand his film and television production company.Allen’s Entertainment Studios Inc. bought the 36-year-old TV staple from the Blackstone Group, Bain Capital and Comcast. 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 when rain and snow covered much of the US, the 56-year-old said he was intrigued by the reach and familiarity of others with the brand. Allen said,
“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.”.
Currently, Allen’s company produces and syndicates TV shows and has released films, such as last year’s thriller “47 Meters Down.” It also owns Comedy.tv and Cars.tv, which are distributed online and through pay-TV providers.
Allen, who is the sole owner of Entertainment Studios, which has its headquarters in Los Angeles, plans to invest more money into the Weather Channel to expand its US and international distribution.