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Byron Allen, a renowned American comedian and television producer, boasts a staggering net worth of $800 million per celebritynetworth.
He is widely known as the founder of Entertainment Studios, a dominant American broadcast empire, and the owner and operator of Allen Media Group (AMG).
Despite his tremendous success, he remains relatively unknown in Hollywood circles. Notably, Allen acquired The Weather Channel television network (excluding the website) in 2018 and now owns 12 cable networks.
Additionally, he produces approximately 70 television shows broadcast across various affiliates throughout the United States.
Byron Allen’s success started with a one-night gig on “The Tonight Show” that led to co-hosting “Real People.”
He learned about the industry and made connections, which helped him co-found Entertainment Studios with his mother in 1993.
Today, the company produces over 30 nationally syndicated programs and is the world’s largest independent producer and distributor of first-run syndicated programming, generating $100 million in revenue annually.
Instead of charging exorbitant fees to networks for the rights to his shows, he chooses to distribute them for free.
However, in return, Byron can sell 50% of the advertising time in the shows directly.
Advertisers are eager to purchase ad time from him since he can offer lower prices while reaching a vast audience of 35 million, primarily due to his numerous shows in circulation. Byron retains full ownership of Entertainment Studios to this day.
TV Network Revenues
Allen created history in 2009 when he became the first TV entrepreneur to launch and operate six 24-hour HD television networks concurrently.
Pets.TV, Comedy.TV, Recipe.TV, Cars.TV, ES.TV, as well as MyDestination.TV is the six networks that make up this group.
According to “The Hollywood Reporter,” Byron’s businesses generate over 30 nationally syndicated programs and bring in more than $100 million annually.
Byron Allen’s company acquired The Weather Channel in 2018 for $300 million, excluding its online assets.
In 2020, Allen made several acquisitions, including an ABC affiliate in Honolulu for $30 million, 11 broadcast television stations for over $300 million, and 21 regional sports networks for $10.6 billion in partnership with Sinclair Broadcast Group.
He also invested $500 million in network affiliates and planned to spend $10 billion on acquisitions. In July 2022, his company acquired the bankrupt Black News Channel for $11 million.
Byron Allen bought a $22.8-million oceanfront estate in Maui in 2018, a $20-million Beverly Hills mansion, and a 3,000-square-foot apartment in NYC’s 220 Central Park South for $26.75 million in 2019.
He also purchased a $27-million mansion in Aspen, Colorado, in 2020. In October 2022, he bought a 3.6-acre cliff-top mansion in Malibu for $100 million, originally listed for $127.5 million.
The Malibu property features an 11,000-square-foot primary home with 8 bedrooms and 12 bathrooms, plus several additional guest and staff houses.
BET Stake Sale Considered By Byron Allen & Tyler Perry
Byron Allen and Tyler Perry are interested in buying BET as Paramount Global considers selling the network.
A spokesperson for the Allen Media Group confirmed that Allen is pursuing the acquisition. Perry has an ending producing deal with BET and has also expressed interest in Paramount. Other high-net-worth individuals or minority-owned institutions may also show interest, given BET’s importance within the Black creative community.
Paramount plans to maintain a minority stake and commercial agreements with BET for content across its platforms in any deal. The talks around BET come as M&A activity in media and entertainment is rising.