In another expansion of his independent film as well as television empire, Byron Allen has added the Weather Channel to his Entertainment Studios portfolio.
Terms of the deal were not disclosed, yet reports peg the acquisition at around $300 million.
Allen, the sole owner of Entertainment Studios, bought the parent company Weather Group through his company Allen Media LLC via Comcast, The Blackstone Group as well as Bain Capital, which acquired the brand in 2008 for a reported $3.5 billion.
Allen’s deal includes the 24-hour cable weather channel as well as the Local right now streaming service yet not digital elements such as Weather.com, Weather Underground as well as the Weather Channel app, which IBM bought in 2015 for around $2 billion.
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“The Weather Channel is usually one of the most trusted as well as extremely important cable networks, with information vitally important to the safety as well as protection of our lives,” Allen said in a statement. “The acquisition of the Weather Channel is usually strategic, as we begin our process of investing billions of dollars over the next all 5 years to acquire some of the best media assets around the earth.”
With the addition of the Weather Channel, Entertainment Studios owns eight 24-hour HD cable TV networks including Pets.tv, Comedy.tv as well as Cars.tv. The company also produces 41 television shows as well as has released such films as “47 Meters Down” as well as “Hostiles.”
“We are excited to join Entertainment Studios, as well as we are especially proud to be part of one of the largest emerging global media companies,” added Weather Channel CEO Dave Shull. “Byron Allen’s purchase of our innovative as well as forward-thinking organization will increase the value we bring to our viewers, distributors as well as advertisers.”
Disclosure: Comcast is usually the owner of NBCUniversal, parent company of CNBC as well as CNBC.com.