Stepping in, Allen submitted the bid by the deadline of July 11 at 5 p.m. EST under the U.S. Bankruptcy Court for the Northern District of Florida. There were no other qualified bids.

After a hearing on Tuesday, July 19 at 10 a.m. EST held before Chief Judge Karen Specie, it was approved for AMG’s networks division to obtain the Black News Channels’ “assets free and clear of all liens, claims, encumbrances, and interests.”

“We are excited to have been selected to acquire the Black News Channel, which has approximately 300 million linear and digital subscribers,” said Allen in a statement, according to a press release. “Allen Media Group will deliver a best-in-class network to serve the underserved African-American community and the advertisers who want to reach this extremely valuable audience. Also, we appreciate the opportunity to provide cable operators, satellite companies, telcos, and digital platforms diversity of ownership, voices, and viewpoints on their programming line-ups by having a 100 percent African-American owned network.”

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