RadioOnFire.com - It's quite the boss move. Comedian Byron Allen has bought The Weather Channel for $300 million. The L.A. Times reports Allen's media company, Entertainment Studios, says it's the biggest purchase they have ever made.
You may remember The Weather Channel was owned by NBCUniversal along with private equity firms Bain Capital and Blackstone Group. Ten years ago, the trio bought the station for $3.5 billion. Allen vows there won't be any major shakeups there. The Weather Channel is based in Atlanta and has 400 employees.
Allen's deal doesn't include mobile and digital branches of the station, like Weather.com. IBM bought those from the same trio including NBCUniversal back in 2015 for a cool $2.5 billion.
You may remember The Weather Channel was owned by NBCUniversal along with private equity firms Bain Capital and Blackstone Group. Ten years ago, the trio bought the station for $3.5 billion. Allen vows there won't be any major shakeups there. The Weather Channel is based in Atlanta and has 400 employees.
Allen's deal doesn't include mobile and digital branches of the station, like Weather.com. IBM bought those from the same trio including NBCUniversal back in 2015 for a cool $2.5 billion.
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Allen called said that buying The Weather Channel is part of a strategic plan to invest billions over the next five years in order to pick up even more media assets. In other words, this is just one money move in several to come. "The Weather Channel is a great fit with our portfolio. We're going to invest to provide weather news nationally and globally," Allen stated.
The Weather Channel was founded 36 years ago. Although apps have become the popular way to get weather information, Allen said it is still relevant, especially after Hurricanes Irma and Harvey.
Source: latimes.com
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