Comedian Byron Allen will be laughing all the way to the bank with his recent purchase of The Weather Channel.
Byron Allen Folks’ media company Entertainment Studios, purchased The Weather Channel for $300 Million this week. The move adds a trusted brand in news/weather to his vastly growing media empire. The cable network was worth originally about $3.5 billion when a Comcast-Blackstone-Bain-led group had purchased it back in 2008. A year later, Allen made headlines in 2009 became the first television entrepreneur to own and launch a portfolio of 24-hour digital cable and satellite channels simultaneously.
According to Bloomberg, not only does Allen get the famous cable TV network in the deal, but the reach and familiarity of the brand. The Weather Channel will be the cornerstone in expanding both his international and local distribution. Its a broader strategy to build on top of such as well known name that streams in the homes of millions of US citizens daily.
“Snowstorms, rain, mudslides, our lives and our families’ safety depend on this info,When a big storm happens, it’s the Super Bowl of weather. As many as 30 million people watch,” said Allen.
In television, eyeballs on the screen are everything. When Neilson ratings are high, people get to keep their jobs and networks are making lots of money. Buying a brand with that type high consistency coupling with the amount of super storms that continue to plague the U.S. will ensure that the ratings stay consistent.
Byron Allen besides being a well known comedian and producer is the the founder, owner, chairman, and chief executive officer of the U.S. television production company Entertainment Studios. His brand produces 32 television shows, runs a massively successful studio, and is worth $400 million personally. This deal ensures that his a bigger name than Bob Johnson and Oprah Winfrey combined in the television industry.