Black News Channel Acquired by Allen Media Group for $11 Million
Byron Allen presently provides people the weather. Now he’s providing the information to go with it.
Allen Media Team, the consortium of media firms that features the Temperature Channel, has procured the assets of the Black Information Channel, a Tallahassee, Florida outlet managed by Jacksonville Jaguars proprietor Shahid Khan that declared personal bankruptcy in March. Allen intends to use the new purchase to develop an audience of Black individuals at a time when the media and marketing industries have developed ever more aware of hoping to reach various communities and populations.
“We are thrilled to have been selected to obtain the Black News Channel, which has about 300 million linear and electronic subscribers,” mentioned Allen, the company’s founder and CEO, in a ready assertion. “Allen Media Team will provide a greatest-in-class community to serve the underserved African-American local community and the advertisers who want to reach this very important audience. Also, we take pleasure in the opportunity to supply cable operators, satellite corporations, telcos, and digital platforms diversity of ownership, voices, and viewpoints on their programming line-ups by having a 100 per cent African-American owned network.”
The sale of the Black Information Channel belongings was authorised by Northern District of Florida, Tallahassee Division of the United States Individual bankruptcy Courtroom. Black News Channel’s backers had earlier tried to offer the firm to Ebony Studios LLC, a enterprise connected to Ulysses Lee “Junior” Bridgeman, owner of Ebony journal, according to a court docket submitting.
In March, the organization abruptly educated dozens of employees that they would be laid off. Established by former GOP congressman J.C. Watts and broadcast govt Bob Brillante, Black Information Channel articulated a mission to deliver information for and about folks who are not lined in depth by other mainstream media retailers. Amid executive turnover, poor scores and inside turmoil, on the other hand, Black News Channel in no way fulfilled its initial objectives in a productive fashion.
Below Allen Media Group, Black Information Channel will be part of Weather conditions Channel together with electronic shops these types of as Nearby Now, HBCU GO and TheGrio. Allen Media Team has also invested in excess of $1 billion in the previous 3 decades to acquire 27 ABC, NBC, CBS and Fox affiliates.Black News Channel has carriage on traditional linear deals by way of Comcast, Constitution, Cox, DISH, DirecTV and Verizon. The network has all around 45 million linear subscribers, Allen Media states, and the enterprise hopes to grow that to 80 million about the subsequent 6 months.