The Weather Channel TV network was sold Thursday — to comedian-turned- media-mogul Byron Allen.
There has been no definite price announced, but sources are saying that the price was around $300 million.
Allen who has Allen’s Entertainment Studios Inc. acquired the network from Blackstone Group, Bain Capital, and Comcast Corp.
“The Weather Channel is one of the most trusted and extremely important cable networks, with information vitally important to the safety and protection of our lives,”
Allen said in a statement.
“We welcome The Weather Channel, which has been seen in American households for nearly four decades, to our cable television networks division. The acquisition of The Weather Channel is strategic, as we begin our process of investing billions of dollars over the next five years to acquire some of the best media assets around the world.”
While this deal did include the TV network, it did not include any of the online assets like the website Weather.com and mobile apps. Those two were obtained by International Business Machines Corp.
In an interview, Allen once talked about what attracted him to the brand. He spoke about how he wanted to invest in the channel and expand its international and local distribution.
“Snowstorms, rain, mudslides, our lives, and our families’ safety depend on this info,” Allen said. “When a big storm happens, it’s the Super Bowl of weather. As many as 30 million people watch.”
We look forward to seeing what Allen will do with the Weather channel! Take a look at him below!