Byron Allen’s Allen Media Group has reportedly acquired the Black News Channel for $11 million. Under the reported deal, Allen Media Group will take in “substantially all” of the channel’s assets. Furthermore, Allen and company believe they can take the channel and grow it into a larger network. Currently, Black News Channel is in 45 million homes, but Allen Media Group plans to upgrade the channel’s reach to 80 million homes in the future.
“[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,” the company’s statement reads.
“Also, we appreciate the opportunity to provide cable operators, satellite companies, telcos and digital platforms diversity of ownership, voices and viewpoints on their programming lineups by having a 100 percent African-American-owned network.”
Allen Media Group continues to expand its footprint. Allen’s company owns The Weather Channel, more than two dozen local stations and digital imprints like The Grio and Comedy.TV. Now, BNC will allow Allen to cement his place in the news space.
