Independently-owned Entertainment Studios announced the acquisition of The Weather Group, parent company of The Weather Channel network and Local Now streaming service.
The purchase went through founder, owner and chief executive officer, Byron Allen’s company, Allen Media, LLC from Comcast/NBC Universal, Bain Capital, and The Blackstone Group. The Weather Group network joins Entertainment Studios' independent group of eight 24-hour cable networks.
In a statement, Entertainment Studios said: “Allen’s expansion into live and local cable news is the latest step Entertainment Studios has taken in further expanding the global reach of its programming and content.”
“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,” said Allen. “We welcome The Weather Channel, which has been seen in American households for nearly four decades, to our cable television networks division. 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.”
Added Dave Shull, chief executive of The Weather Channel: "We are excited to join Entertainment Studios, and we are especially proud to be part of one of the largest emerging global media companies. Byron Allen’s purchase of our innovative and forward-thinking organization will increase the value we bring to our viewers, distributors and advertisers."
Allen, who’s also had a career as a comedian and television producer, founded Entertainment Studios 25 years ago. With this most recent acquisition, the company that he still fully owns now has divisions in: broadcast television syndication, production, distribution, theatrical motion picture production, acquisition and distribution, digital movie acquisition and distribution, and global news publishing. The 41 shows on-air and eight networks reach nearly 160 million subscribers nationwide, but has furthered its global reach.