Byron Allen’s Allen Media Group, owner of The Grio, has acquired the defunct Black News Channel from the bankruptcy of billionaire Shahid Khan, owner of the NFL’s Jacksonville Jaguars franchise.
Allen acquired the network for $11 million after approval by a Florida bankruptcy court, according to a company news release. Black News Channel provided a platform for several high-profile commentators, including Charles M. Blow and Marc Lamont Hill.
Black News Channel began to shut down in late 2021, with layoffs just before the Christmas holidays. The 24/7 news network went off the air in March after two years amid various lawsuits over gender discrimination and low viewership.
However, Allen’s acquisition of the network will add 300 million linear and digital subscribers to AMG’s portfolio of assets, which includes 12 television networks, such as The Weather Channel, Local Now digital platforms, HBCU GO, Sports. TV, the Grio streaming app, and The Weather Channel streaming app.
“We are excited to have been selected to acquire the Black News Channel, which has approximately 300 million linear and digital subscribers,” said Allen, AMG founder, president and CEO.
“Allen Media Group will offer a best-in-class network to serve the underserved African American community and advertisers who want to reach this extremely valuable audience,” Allen said. “In addition, we appreciate the opportunity to provide cable operators, satellite companies, telcos and digital platforms with diversity of ownership, voices and viewpoints in their programming lineups by having a 100 percent African-American owned network.”
Over the past three years, Allen Media Group has invested more than $1 billion to acquire 27 ABC, NBC, CBS and FOX affiliated television stations across the country.
Its international television division currently has active programming and licensing agreements in South Africa, the United Arab Emirates, Australia, the Bahamas, Canada and New Zealand. With a library of more than 5,000 hours of proprietary content across multiple genres, Allen Media Group also provides video content for cable television networks, mobile devices, and digital media.
Black News Channel carries traditional linear packet transportation through Comcast, Charter, Cox, DISH, DirecTV and Verizon, and currently has approximately 45 million linear subscribers. Allen reportedly plans to increase his distribution to approximately 80 million linear subscribers over the next six months.
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