Comedian-turned-media-entrepreneur Byron Allen has struck a deal to acquire the Weather Channel from Comcast Corp.
and private-equity firms Blackstone Group
nd Bain Capital for $300 million.
Allen said Thursday that he is buying the Atlanta-based television network through his company, Allen Media LLC.
The head of Entertainment Studios Inc., which owns eight cable networks such as Pets.TV and Comedy.TV and produces movies and television shows, Allen said the widely distributed Weather Channel will provide leverage to grow the rest of his holdings.
“It is a stronger relative to help pull us along,” Allen said. Allen said he doesn’t plan major changes in the network’s format beyond more investment. “An app can only for the most part tell you what the temperature is, it can’t give you the in-depth information you need to navigate you and your family’s life,” he said.
An expanded version of this report appears on WSJ.com.
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View more information: https://www.marketwatch.com/story/weather-channel-bought-by-byron-allens-company-for-300-million-2018-03-22