An American entrepreneur, television producer, and comedian by the name of Byron Allen Folks. He is the creator of the American media firm Entertainment Studios, which has a stake in digital media, radio, filmmaking, and television production.
He initially went after a career in stand-up comedy after being born in Detroit and then relocating to Los Angeles. After making an appearance on The Tonight Show, Allen started to diversify his television career by hosting NBC’s Real People. Allen started what would ultimately be called Entertainment Studios in 1993.
What is Byron Allen Net Worth in 2023?
The American comedian and television producer Byron Allen has an estimated net worth of $800 million. The chief executive of the American broadcasting oligarchy Entertainment Studios, estimated to be worth more than $4.5 billion, is Byron Allen.
Additionally, he owns and runs Allen Media Group (AMG). He is one of Hollywood’s most successful and under-the-radar individuals. Allen now controls The Weather Channel television network (not the website) as a result of a 2018 acquisition.
He owns 12 cable networks between his two businesses and actively creates about 70 television programs that are shown on affiliates all throughout the country.
He offers his shows for free instead of demanding exorbitant payments from the networks in exchange for the rights to them. Yes, you read that right: for nothing. Byron receives the right to sell half of the available ad time for the show in exchange for providing the content without charge, which he does.
Due in large part to the sheer volume of shows he has going, advertisers are clamouring to buy advertising time with him as well because he can charge less for the ad time while still reaching 35 million viewers. Today, Byron still controls all of Entertainment Studios.
TV Network Revenues
Allen made history in 2009 when he became the first television entrepreneur to concurrently acquire and operate a portfolio of six 24-hour HD television networks. Pets.TV, Comedy.TV, Recipe.TV, Cars.TV, ES.TV, and MyDestination.TV is among the six networks.
Today, more than 30 nationally syndicated programs are produced by Byron’s firms; according to “The Hollywood Reporter,” these programs generate more than $100 million in income annually.
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How Much Did Byron Allen’s Company Pay for the Weather Channel?
The Weather Channel was going to be purchased by Byron Allen’s business for $300 million, it was revealed in 2018. Although online assets like Weather.com and its associated apps were not included in the purchase since they had already been sold to IBM, they did include the cable TV network.
It was revealed that AMG would spend $30 million to buy an ABC station in Honolulu in 2020. All of the major islands are covered by the Hawaii-based affiliate, which also has MeTV, Start TV, Heroes & Icons, and a news network based in Washington, D.C. in its portfolio.
He completed a deal earlier this year that included buying 11 broadcast television stations from USA Television. More than $300 million was spent on this transaction. Also in 2020, Allen joined forces with the Sinclair Broadcast Group to purchase from Walt Disney/Fox no less than 21 regional sports networks.
Amazingly, this transaction was worth $10.6 billion. In addition, Bayou City Broadcasting, which owns four stations in states including Louisiana and Indiana, was purchased around this time. This transaction had a $165 million value.
Tegna, a significant broadcaster that turned down Allen’s offer of $8.5 billion for an all-cash acquisition, is one company that appears to be holding out. Byron declared in 2020 that over the previous year or so, he had invested $500 million in network affiliates.
In an effort to substantially invest in acquisitions and become the biggest broadcaster in the country, Allen also disclosed that he expects to spend around $10 billion overall over the following few years.
In February 2022, a company led by Allen made an offer to purchase the National Football League’s Denver Broncos, but they were outbid by the S. Robson Walton group. For $11 million, Byron’s business purchased the Black News Channel television network from the bankruptcy estate in July 2022.
Byron Allen Buys Black News Channel for $11M:
Byron Allen Buys Black News Channel for $11M https://t.co/XLQYsPIELT
— The Hollywood Reporter (@THR) July 20, 2022
How Did Byron Allen Start His Profession?
A job to co-host a new talk program named “Real People” was offered to Byron after his one-night stint on “The Tonight Show” was so popular. He took full advantage of the opportunity to learn as much as he could about producing, directing, advertising, and how the entertainment industry truly generated revenue while co-hosting “Real People.”
In his spare time, he built relationships with several television networks, spoke with advertisers directly, and got to know as many individuals as he could behind the scenes. With his mother, Allen started Entertainment Studios in 1993.
The weekly, one-hour program “Entertainers with Byron Allen” featured profiles of current movie and television stars. Allen made history in 2009 when he became the first television entrepreneur to concurrently acquire and operate a portfolio of six 24-hour HD television networks. Pets.TV, Comedy.TV, Recipe.TV, Cars.TV, ES.TV, and MyDestination.TV is among the six networks.
Byron’s businesses create over 30 nationally syndicated shows that bring around $100 million annually. The world’s largest independent producer and distributor of first-run syndicated television is called Entertainment Studios.