Allen Media Group Acquires Black News Channel

Byron Allen’s Allen Media Group (AMG) said today that the Northern District of Florida, Tallahassee Division of the United States Bankruptcy Court, issued an order approving the sale of “substantially all of” Black News Channel “assets free and clear of all liens, claims, encumbrances and interests” to AMG’s networks division. AMG is acquiring BNC out of bankruptcy for $11 million from billionaire Shahid Khan, owner of the NFL’s Jacksonville Jaguars franchise. Khan invested more than $100 million into BNC.

AMG said its acquisition of BNC will add 300 million linear and digital subscribers to the AMG portfolio of assets,  which includes 12 television networks. AMG has also invested over $1 billion in the last three years to acquire 27 ABC, NBC, CBS and FOX network affiliates.

BNC has carriage on traditional linear packages via Comcast, Charter, Cox, Dish, DirecTV and Verizon with approximately 45 million linear subscribers and AMG said it plans to grow the distribution to approximately 80 million linear subscribers over the next 6 months.

“We are excited to have been selected to acquire the Black News Channel, which has approximately 300 million linear and digital subscribers,” said Byron Allen, AMG founder/chairman/CEO. “Allen Media Group 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.

“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% African American owned network.”