LOS ANGELES—Byron Allen’s Allen Media Group (AMG) is proud to announce that the Northern District of Florida, Tallahassee Division of the United States Bankruptcy Court, (Case No. 4:22-bk-40087-KKS) issued an order approving the sale of “substantially all of” Black News Channel (BNC) “assets free and clear of all liens, claims, encumbrances and interests” to AMG’s networks division. AMG is acquiring BNC out of bankruptcy for $11 million from billionaire Shahid Khan owner of the NFL’s Jacksonville Jaguars franchise. Khan invested over $100 million into BNC.
AMG’s acquisition of BNC will add 300 million linear and digital subscribers to the AMG portfolio of assets — which includes 12 television networks such as The Weather Channel, digital platforms Local Now, HBCU GO, Sports.TV, theGrio Streaming App and The Weather Channel Streaming App. AMG has also invested over $1 billion in the last 3 years to acquire 27 ABC–NBC–CBS–FOX network affiliate broadcast television stations nationwide.
BNC has carriage on traditional linear packages via Comcast, Charter, Cox, DISH, DirecTV, and Verizon. BNC currently enjoys approximately 45 million linear subscribers and Allen plans to grow the distribution to approximately 80 million linear subscribers over the next 6 months.
“We are excited to have been selected to acquire the Black News Channel, which has approximately 300 million linear and digital subscribers,” said Byron Allen, Founder/Chairman/CEO of Allen Media Group. “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.”
In 2016, AMG purchased The Grio, a highly-rated digital video-centric news community platform devoted to providing African-Americans with compelling stories and perspectives currently underrepresented in existing national news outlets. The Grio features aggregated and original video packages, news articles and opinion pieces on topics that include breaking news, politics, health, business and entertainment. Originally launched in 2009, the platform was then purchased by NBC News in 2010. The digital platform remains focused on curating exciting digital content and currently has more than 100 million annual visitors.
— Source and photo: Allen Media Group (AMG)/PRNewswire
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