Byron Allen’s Allen Media Group (AMG) announced its acquisition of Black News Channel (BNC).
AMG acquired “substantially all” of BNC’s assets for $11 million. The sale was formally signed off in bankruptcy court in Tallahassee, Florida.
“We are excited to have been selected to acquire the Black News Channel, which has approximately 300 million linear and digital subscribers,” said Allen said in a statement.
“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. Also, we appreciate the opportunity to provide cable operators, satellite companies, telcos, and digital platforms diversity of ownership, voices, and viewpoints on their programming line-ups by having a 100 percent African-American owned network.”
Earlier this year, Byron sat down with Lee Cowan for “CBS Sunday Morning,” where he made it clear that his businesses are not up for sale.
“Do we or do we not have economic inclusion?” Allen asked. “And the answer is no. … We have to correct the greatest trade deficit in America, which is the trade deficit between white corporate America and Black America.”
The billionaire businessman already owns Weather Channel along with several digital outlets such as HBCU GO, Local Now and TheGrio.
Allen Media Group owns and operates 36 television stations, 12 cable networks, six streaming platforms and several distribution companies.
“There are kids out there who look like me that, when they see that, they’re going to, it’s going to change their perspective of themselves,” he noted.
“You know, when Berry Gordy sold Motown, and I understand why he sold Motown, I was in the back of the room,” Allen says. “And I started crying. I started crying because I felt like we, as African Americans, we have to own something. We don’t own anything.”
