In 2018, Byron Allen’s Entertainment Studios acquired The Weather Channel for $300 million. Since then, he’s continued to dedicate his platform to producing quality content across the globe.
He has no plans of letting up anytime soon.
As previously reported by AFROTECH, Allen, along with media mogul Tyler Perry and others, threw his bid in when the news broke that the BET Media Group was up for sale.
During a conversation on the stage at global tech event CES 2024 (Jan. 9-12), Allen explained why he continues to pursue the linear television space despite the success of its streaming competitors.
“I can run them better just like I’m breathing right now,” Allen said. ”Right now, a lot of these legacy assets are overspending tremendously and there’s an enormous waste in our industry.”
Launched in 1993, Allen’s company, Entertainment Studios, is a force in the cable network space. It’s a business that he recalled starting straight from home, which is why his approach to the industry is different.
“I had to build my company from the dining table 30 years ago, so I combat things from the point of view of an owner and founder. I’m not an executive,” he continued.
Entertainment Studios is one of the largest cable network portfolios in history and is the first Black-owned multi-platform media studio that produces and distributes wide-release motion pictures and content for all platforms, according to the company’s website.
The Entertainment Studios family features 10 24-hour HD television networks, including The Weather Channel, Comedy.tv, Cars.tv, Es.tv, Justicecentral.tv, Mydestination.tv, Pets.tv, Recipe.tv, Local Now, and The Weather Channel En Espanol.
“Entertainment Studios will continue to aggressively look for other opportunities to grow our global media company through strategic acquisitions,” Allen said during a speech as he was inducted into the Broadcasting & Cable Hall of Fame in October 2019.
Only time will tell what Allen and his company will cook up next.