Independent producer and distributor Entertainment Studios has announced its acquisition of the Weather Group, parent company of The Weather Channel television network and Local Now streaming service. Allen purchased The Weather Group through his company, Allen Media LLC, from The Blackstone Group, Bain Capital, and Comcast/NBCUniversal.
“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,” said Byron Allen, Founder, Chairman, & CEO of Entertainment Studios. “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.”
“We are excited to join Entertainment Studios, and we are especially proud to be part of one of the largest emerging global media companies,” said Dave Shull, CEO of The Weather Channel. “Byron Allen’s purchase of our innovative and forward-thinking organization will increase the value we bring to our viewers, distributors, and advertisers.”
The purchase price was a reported $300 million.