Media mogul Byron Allen continues to expand his portfolio with the acquisition of The Weather Channel basic cable TV network. Reportedly, Allen Media purchased the Weather Group from The Blackstone Group, Bain Capital and Comcast/NBCUniversal.
Deadline reports that while exact numbers have not been released, sources claim the purchase price was around $300 million.
Allen released this statement on the acquisition:
“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. 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.”