American businessman and producer Byron Allen has bought the Black News Channel for $11 million, reviving it from bankruptcy.
Owning more than 27 news stations in 21 U.S. markets, the weather channel and more, Allen is adding to his massive empire with the addition of the Black News Channel (BNC). The Hollywood Reporter reports Allen will be acquiring “substantially all” of BNC’s assets for a whopping $11 million.
BNC, which was launched in 2020, was previously owned by Jacksonville Jaguars Shad Khan. THR reports the platform is available in about 45 million homes through companies like Comcast, Charter and DirectTV. Khan shut BNC down back in March.
Allen says he plans to “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.”
He added: “Also, we appreciate the opportunity to provide cable operators, satellite companies, telcos and digital platforms diversity of ownership, voices and viewpoints on their programming lineups by having a 100 percent African-American-owned network,” THR reports.
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