Byron Allen’s Allen Media Group continues to grow as the multi-media company is set to acquire the Black News Network for $11 million from Jacksonville Jaguars owner and billionaire Shad Khan.
According to Cablefax, the bidding deadline for BNC was scheduled by the U.S Bankruptcy Court in the Northern District of Florida for 5 p.m. ET on July 11. However, Allen was the only bidder for the Black News Network, stationed in Tallahassee, Florida, allowing the court to cancel the upcoming auction for the network.
BNC had been shut down in March 2022 by the previous owner, Khan, after he invested $100M into the company and assessed it had not lived up to financial expectations.
Byron Allen, the founder, chairman, and CEO of Allen Media Group expressed that AMG will do its best to deliver quality programming for the Black community. In addition, Allen stated his company would obtain advertisers for BNC that understand the power of Black viewership.
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“We are excited to have been selected to acquire the Black News Channel, which has approximately 300 million linear and digital subscribers,” Byron Allen said in a statement prepared by AMG. “Allen Media Group will deliver a best-in-class network to serve the underserved African-American community and the advertisers who want to reach this extremely valuable audience.”
“Also, we appreciate the opportunity to provide cable operators, satellite companies, telcos, and digital platforms diversity of ownership, voices, and viewpoints on their programming line-ups by having a 100 percent African-American owned network.”
Black Network Cable was available nationwide in about 45 million homes through companies such as Comcast and DirectTV. The media mogul is stating that his company will be able to nearly double its availability to 80 million by the end of 2022.
Allen, who was once a comedian in his early days, has become a force in acquiring digital brands, networks, and TV stations over the past few years.
Recently, Allen Media Group rebranded from its previous name Entertainment Studios on July 6 and owns a multitude of networks and stations, including The Weather Channel and brands like The Grio and Comedy.tv.
Written by: BCHIPHOPNETWORKDigital
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