The Weather Channel TV network was sold recently to comedian-turned-media-mogul Byron Allen.
Allen’s Entertainment Studios Inc. bought the 36-year-old channel from the Blackstone Group, Bain Capital and Comcast.
While terms of the sale were not disclosed, it is reported to be the price of approximately $300 million.
Allen stated, “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. 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.”
Weather Channel Chief Executive Dave Shull said, “Byron Allen’s purchase of our innovative and forward-thinking organization will increase the value we bring to our viewers, distributors and advertisers.”
