Comedian Byron Allen Buys the Weather Channel for $300 Million

Comedian and producer Byron Allen acquired the Weather Channel TV system as he looks to expand his movie and TV production company right into a major media business.

Allen’ ersus Entertainment Studios Inc. bought the particular network from Blackstone Group, Bain Capital and Comcast Corp., based on a statement Thursday. The price was around $300 million, according to a person acquainted with the terms who wasn’ to authorized to speak publicly plus asked not to be identified. That’ s a fraction of the actual larger company sold for a decade ago.

The offer includes the famous cable TV system, but not online assets such as the site Weather. com and related cellular apps, which were acquired by Global Business Machines Corp. in The month of january 2016. In an interview on a time in which rain and snow blanketed much of the U. S., Allen said he was attracted to the particular reach and familiarity of the brand name.

“ Snowstorms, rain, mudslides, existence and our families’ safety rely on this info, ” Allen mentioned. “ When a big storm occurs, it’ s the Super Plate of weather. As many as 30 million individuals watch. ”

Allen’ s corporation produces and syndicates TV shows and it has released films, such as last year’ s thriller “ 47 Metres Down. ” It also owns Humor. tv and Cars. tv, that are distributed online and through pay-TV companies.

Allen said this individual want to invest more in the Weather conditions Channel, expanding both its worldwide and local distribution. It’ ersus part of a broader strategy to make investments what he said would be vast amounts of dollars in the media and enjoyment industry.

The Comcast-Blackstone-Bain-led group had purchased the Weather Funnel in 2008 for about $3. five billion. A spokesman for Blackstone declined to comment.