{"id":22989,"date":"2021-11-02T16:03:18","date_gmt":"2021-11-02T21:03:18","guid":{"rendered":"https:\/\/myboysay.com\/blog\/?p=22989"},"modified":"2021-11-02T16:03:58","modified_gmt":"2021-11-02T21:03:58","slug":"byron-allen-to-acquire-tegna-in-8b-deal-byron-allens-media-empire-has-made-an-8b-tv-bet","status":"publish","type":"post","link":"https:\/\/myboysay.com\/blog\/?p=22989","title":{"rendered":"Byron Allen To Acquire Tegna In $8B Deal,  Byron Allen\u2019s media empire has made an outstanding $8B TV bet"},"content":{"rendered":"<div class=\"lede-wrap\">\n<div class=\"lede-text-v2 lede\">\n<div class=\"lede-text-v2__container\">\n<div class=\"lede-text-v2__content\">\n<h1 class=\"lede-text-v2__hed\">Byron Allen Gets More Backing for His Bid for Broadcaster Tegna<\/h1>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"content-well-v2\">\n<section class=\"main-column-v2\">\n<figure class=\"lede-small-image-v2 lede figure-expandable\">\n<div class=\"image figure-expandable-image__ce13d6cb\" tabindex=\"0\" role=\"button\" aria-label=\"Open image in viewer\">\n<div id=\"lazy-img-380189403\" class=\"lazy-img \"><img decoding=\"async\" class=\"lazy-img__image loaded\" src=\"https:\/\/assets.bwbx.io\/images\/users\/iqjWHBFdfxIU\/i3MMCawuFRug\/v0\/1000x-1.jpg\" alt=\"Byron Allen\" data-native-src=\"https:\/\/assets.bwbx.io\/images\/users\/iqjWHBFdfxIU\/i3MMCawuFRug\/v0\/-1x-1.jpg\" \/><\/div>\n<\/div><figcaption><\/figcaption><\/figure>\n<div class=\"body-columns\">\n<div class=\"middle-column\">\n<div data-component-root=\"LeftRail\">\n<aside class=\"left-rail__af2a150e article__d1d311d8\">\n<div class=\"text-to-speech__8a3670cd\"><\/div>\n<\/aside>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<div class=\"transporter-item current\" tabindex=\"-1\">\n<article class=\"\" data-story-id=\"R18HMIT0AFB401\" data-theme=\"pursuits\" data-type=\"article\">\n<div class=\"article-content\">\n<div class=\"content-well-v2\">\n<section class=\"main-column-v2\">\n<div class=\"body-columns\">\n<div class=\"middle-column\">\n<div data-component-root=\"ArticleBody\">\n<div class=\"body-copy-v2 fence-body\">\n<p><strong>Byron Allen has shored up more investors to back his $23-a-share takeover offer for television broadcaster <a title=\"Company Overview\" href=\"https:\/\/www.bloomberg.com\/quote\/TGNA:US\">Tegna Inc.<\/a>, according to people familiar with the matter.<\/strong><\/p>\n<p><strong>The media mogul is seeking $8 billion or more in debt and equity to outbid a consortium that includes private equity giant <a title=\"Company Overview\" href=\"https:\/\/www.bloomberg.com\/quote\/APO:US\">Apollo Global Management Inc.<\/a> and <a title=\"Company Overview\" href=\"https:\/\/www.bloomberg.com\/quote\/3875406Z:US\">Standard General<\/a>, said the people, who asked to not be identified because the matter isn\u2019t public.<\/strong><\/p>\n<figure class=\"figure-expandable paywall\" data-id=\"380189403\" data-type=\"image\" data-image-type=\"photo\" data-image-size=\"full\" data-align=\"right\">\n<div class=\"image figure-expandable-image__ce13d6cb\" tabindex=\"0\" role=\"button\" aria-label=\"Open image in viewer\">\n<div id=\"lazy-img-380189403\" class=\"lazy-img\"><strong><img decoding=\"async\" class=\"lazy-img__image loaded\" src=\"https:\/\/assets.bwbx.io\/images\/users\/iqjWHBFdfxIU\/i3MMCawuFRug\/v0\/200x-1.jpg\" alt=\"Hollywood Bag Ladies Luncheon\" data-native-src=\"https:\/\/assets.bwbx.io\/images\/users\/iqjWHBFdfxIU\/i3MMCawuFRug\/v0\/-1x-1.jpg\" data-img-type=\"image\" \/><\/strong><\/div>\n<\/div><figcaption><\/figcaption><\/figure>\n<p class=\"paywall\"><strong>Allen is discussing raising at least $2 billion in preferred equity from <a title=\"Company Overview\" href=\"https:\/\/www.bloomberg.com\/quote\/OAK:US\">Oaktree Capital Group<\/a>, <a title=\"Company Overview\" href=\"https:\/\/www.bloomberg.com\/quote\/FIG:US\">Fortress Investment Group<\/a>, the family office of Michael Milken and <a title=\"Company Overview\" href=\"https:\/\/www.bloomberg.com\/quote\/ARES:US\">Ares Management Corp.<\/a>, the people said. Other investors are also in talks to participate in the preferred equity while several banks are in talks to provide debt that could top $6 billion, they added.<\/strong><\/p>\n<p class=\"paywall\"><strong>The people said Allen is also in talks to roll his existing businesses including the Weather Channel and local TV stations into the company to help secure financing. He would own all the common equity of the new business, they said.<\/strong><\/p>\n<h3 id=\"divestitures-remedies\u00a0\" class=\"paywall\"><strong>Divestitures, Remedies<\/strong><\/h3>\n<p><strong>Allen has also told Tegna that he\u2019s willing to agree to whatever divestitures or remedies are necessary to win regulatory approval from the U.S. Federal Communications Commission and the Justice Department, the people added.<\/strong><\/p>\n<p><strong>The group bidding against Allen &#8212; Standard General and Apollo &#8212; has told Tegna it would consider a similar provision as part of a broader negotiation around price, they said.<\/strong><\/p>\n<p><strong>Without confirming he was bidding for Tegna, Allen said in an interview Tuesday with Bloomberg TV that he plans to invest $10 billion in local TV stations over the next four years and to buy as many as he can.<\/strong><\/p>\n<p><strong>\u201cLocal news matters, you\u2019re not going to replace that any time soon,\u201d Allen said in the interview during the Milken Global Conference in Beverly Hills, California.<\/strong><\/p>\n<p><strong>The big broadcast networks have locked up rights for pro football and other sports that will keep viewers watching, he said. His company also produces some 70 syndicated TV shows that he could run on the local channels.<\/strong><\/p>\n<p><strong>If his Entertainment Studios were to acquire a large station group, \u201cWe have synergies,\u201d Allen said.<\/strong><\/p>\n<h3 id=\"share-jump\"><strong>Share Jump<\/strong><\/h3>\n<p><strong>Tegna has 64 television stations throughout the U.S. as well as ownership of media properties such as the True Crime Network, according to its website. Its shares fell 0.2% to close at $19.76 in New York on Tuesday, giving the company a market value of about $4.4 billion. The shares rose as much as 3.9% after the close of regular trading before sinking to the closing price.<\/strong><\/p>\n<p><strong>A comedian-turned-TV producer, Allen\u2019s Entertainment Studios <a title=\"Funnyman Byron Allen Buys Weather Channel for $300 Million (1)\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2018-03-22\/funnyman-byron-allen-buys-the-weather-channel-for-300-million\" target=\"_blank\" rel=\"noopener\">bought<\/a> the Weather Channel in 2018 for $300 million. He pursued Tegna <a title=\"Byron Allen Is Said to Make $8.5 Billion Offer for Tegna (2)\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-03-12\/mogul-byron-allen-is-said-to-make-8-5-billion-offer-for-tegna\" target=\"_blank\" rel=\"noopener\">last year<\/a> when it explored a sale before talks shut down during the coronavirus pandemic.<\/strong><\/p>\n<p><strong>He\u2019s squaring off against deep-pocketed competition for Tegna. Apollo and Standard General have offered $22 a share in a fully-financed bid for the company, the people said. Standard General is one of Tegna\u2019s largest shareholders, with a 4.8% stake as of June 30, according to data compiled by Bloomberg.<\/strong><\/p>\n<p><strong>As part of Apollo and Standard General\u2019s bid, broadcast executive Deb McDermott would be chief executive officer and Standard General\u2019s Soo Kim would be controlling shareholder of the company, the people said.<\/strong><\/p>\n<h3 id=\"tegnas-concerns\"><strong>Tegna\u2019s Concerns<\/strong><\/h3>\n<aside class=\"left-rail-newsletter\"><\/aside>\n<p><strong>Tegna has concerns about Apollo\u2019s ownership stake in <a title=\"Company Overview\" href=\"https:\/\/www.bloomberg.com\/quote\/1770081D:US\">Cox Media Group<\/a>, the people said. That\u2019s because they have stations in several overlapping markets, which could slow a regulatory review, they added.<\/strong><\/p>\n<p><strong>While Tegna is open to a sale, there\u2019s no guarantee that either bidder will prevail and Tegna could still decide to remain independent, the people said.<\/strong><\/p>\n<p><strong>Representatives for Tegna, Apollo, Ares and Allen declined to comment. Representatives for Standard General, Fortress and Oaktree didn\u2019t immediately respond to requests for comment.<\/strong><\/p>\n<p><strong>A spokesman for the financier and philanthropist Milken said, \u201cMilken private investments are just that &#8212; private.\u201d<\/strong><\/p>\n<p><strong>________________________________________________________________________<\/strong><\/p>\n<div id=\"desktop-in-article-4-R18HMIT0AFB401\" class=\"desktop-in-article page-ad\" tabindex=\"-1\" role=\"presentation\" data-position=\"desktop-in-article\" data-ad-placeholder=\"Advertisement\" data-ad-status=\"rendering\">\n<div id=\"d2e485d237f83dd5b248746eb2f1aa90\" class=\"bb-ads__ad\">\n<div>\n<h1 class=\"at-article__title\"><strong>Byron Allen Poised To Acquire Tegna In A Deal Worth $8B<\/strong><\/h1>\n<div class=\"at-article__info font-secondary d-flex align-items-center\"><strong><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-22992\" src=\"https:\/\/myboysay.com\/blog\/wp-content\/uploads\/2021\/11\/byron-allen.jpg\" alt=\"\" width=\"275\" height=\"183\" \/><\/strong><\/div>\n<div class=\"at-article__body position-relative\">\n<div>\n<p><strong>Byron Allen continues to expand the multi-media empire that has made him one of the <a href=\"https:\/\/cms.afrotech.com\/listicle\/byron-allen-net-worth-companies-bio-wife\/\">richest Black men in Hollywood<\/a> today.<\/strong><\/p>\n<p><strong><a href=\"https:\/\/www.benzinga.com\/m-a\/21\/11\/23785329\/byron-allen-eyes-to-acquire-tegna-in-8b-deal\">Benzinga<\/a> is reporting that Tegna is a multi-media company that owns more than 64 radio and television stations that span across more than 50 markets across the United States.<\/strong><\/p>\n<p><strong>Allen, who already owns The Weather Channel, also already owns 33 affiliate television stations. He is reportedly in negotiations with Oaktree Capital Management, Fortress Investment Group, and Ares Management to close the deal.<\/strong><\/p>\n<p><strong>According to the outlet, while Byron Allen continues to amass an unprecedented wealth level, he also has incurred some debt. The outlet reports that The Weather Channel incurred what they called a \u201chuge debt load\u201d due to the pandemic. TV advertisers dried up, and decreased their ad spends significantly.<\/strong><\/p>\n<p><strong>So, it remains unclear why he is incurring additional debt with Tegna.<\/strong><\/p>\n<p><strong>That said, the proposed deal is an advantageous one for Allen Media Group. According to the deal, Allen and his co-investors are proposing to take on most of the company\u2019s debt in exchange for a significant stake in the company. However, as part of the deal, Byron Allen will retain most of the control over the outlets and their content.<\/strong><\/p>\n<p><strong>But according to the <a href=\"https:\/\/nypost.com\/2021\/10\/31\/byron-allens-media-empire-has-everything-riding-on-an-8b-tv-bet\/\">New York Post,<\/a> Allen isn\u2019t the only entity bidding for Tegna. The outlet reports that Allen is up against Soo Kim, the CEO of Standard General hedge fund, who also is the majority shareholder of the Bally\u2019s casino empire. Additionally, there were some questions raised about Allen\u2019s compensation package, which he took even after The Weather Channel took a significant financial hit.<\/strong><\/p>\n<p><strong>\u201cAllen made some lenders skittish after an audit they conducted this summer showed he\u2019d drawn a hefty compensation package from his company, which had recent annual revenue of around $600 million, even as business was declining, sources said. Allen paid himself a total compensation package of $50 million in 2020,\u201d the Post reports.<\/strong><\/p>\n<p><strong>________________________________________________________________________<\/strong><\/p>\n<header class=\"caas-header\">\n<header class=\"caas-title-wrapper\">\n<h1 data-test-locator=\"headline\"><strong>Byron Allen Eyes To Acquire Tegna In $8B Deal<\/strong><\/h1>\n<\/header>\n<\/header>\n<div class=\"caas-body-section\">\n<div class=\"caas-content wafer-sticky wafer-loader-success\" data-wf-sticky-boundary=\"caas-body-section\" data-wf-sticky-offset=\"165px 10px\" data-wf-sticky-target=\".caas-share-buttons\">\n<div class=\"caas-content-wrapper\">\n<div class=\"caas-body\">\n<figure class=\"caas-figure\">\n<div class=\"caas-figure-with-pb\">\n<div>\n<div class=\"caas-img-container\"><strong><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-22995\" src=\"https:\/\/myboysay.com\/blog\/wp-content\/uploads\/2021\/11\/byron-bus.jpg\" alt=\"\" width=\"275\" height=\"183\" \/><\/strong><\/div>\n<\/div>\n<\/div>\n<\/figure>\n<ul class=\"caas-list caas-list-bullet\">\n<li><strong>Byron Allen, the 1980s comedian-turned-media-mogul who owns the Weather Channel, aims to acquire Tegna Inc (NYSE: <a class=\"link rapid-noclick-resp\" href=\"http:\/\/finance.yahoo.com\/q?s=TGNA\" data-ylk=\"slk:TGNA\">TGNA<\/a>) in an $8 billion deal, <a class=\"link rapid-noclick-resp\" href=\"https:\/\/nypost.com\/2021\/10\/31\/byron-allens-media-empire-has-everything-riding-on-an-8b-tv-bet\/\" target=\"_blank\" rel=\"nofollow noopener\" data-ylk=\"slk:New York Post reports\">New York Post reports<\/a>.<\/strong><\/li>\n<li><strong>Tegna, formerly owned by Gannett Co Inc (NYSE: <a class=\"link rapid-noclick-resp\" href=\"http:\/\/finance.yahoo.com\/q?s=GCI\" data-ylk=\"slk:GCI\">GCI<\/a>), is a chain of 64 TV and radio stations that span more than 50 markets across the U.S.<\/strong><\/li>\n<li><strong>Recently, Fox launched a 24-hour streaming weather app that media insiders say looks like the basis for a new cable-TV channel. Fox Weather will likely have significant leverage as it eyes a launch given the clout of Fox&#8217;s news and sports channels, and the Weather Channel is in its crosshairs.<\/strong><\/li>\n<li><strong>The deal could significantly boost Allen Media Group, which has amassed 33 local TV network affiliate stations.<\/strong><\/li>\n<li><strong>Allen could gain leverage to sell cable companies his other nine fledgling networks, including Pets.TV, Comedy.TV, Recipe.TV and Cars.TV.<\/strong><\/li>\n<li><strong>Recently, hedge fund Standard General collaborated with Apollo Global Management Inc (NYSE: <a class=\"link rapid-noclick-resp\" href=\"https:\/\/www.benzinga.com\/stock\/apo#NYSE?utm_campaign=partner_feed&amp;utm_source=yahooFinance&amp;utm_medium=partner_feed&amp;utm_content=site\" target=\"_blank\" rel=\"nofollow noopener\" data-ylk=\"slk:APO\">APO<\/a>) <a class=\"link rapid-noclick-resp\" href=\"https:\/\/www.benzinga.com\/m-a\/21\/09\/23028420\/why-are-tegna-shares-trading-higher-premarket-tuesday?utm_campaign=partner_feed&amp;utm_source=yahooFinance&amp;utm_medium=partner_feed&amp;utm_content=site\" target=\"_blank\" rel=\"nofollow noopener\" data-ylk=\"slk:to offer\">to offer <\/a> a share for Tegna, implying a 12.4% premium.<\/strong><\/li>\n<li><strong>Allen&#8217;s Weather Channel&#8217;s business also took a hit due to the pandemic as the TV advertising dried up, leading to piling debt load.<\/strong><\/li>\n<li><strong>Recently, Allen discussed alliances on a last-minute bid for Tegna with Oaktree Capital Management, Fortress Investment Group, and Ares Management.<\/strong><\/li>\n<li><strong>Allen&#8217;s co-investors are pitching for a significant stake in Tegna in return for assuming most of the risky equity capital.<\/strong><\/li>\n<li><strong>However, Allen wants to maintain almost complete control.<\/strong><\/li>\n<li><strong>Surprisingly, Allen drew a hefty compensation package from his company despite his company&#8217;s dwindling prospects and kept splurging on himself.<\/strong><\/li>\n<li><strong>Price Action: TGNA shares traded higher by 1.53% at $19.96 on the last check Monday.<\/strong><\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"at-article__author d-none d-desktop-grid align-items-center\">\n<div class=\"font-secondary\">\n<div><strong>________________________________________________________________________<\/strong><\/div>\n<div>\n<h1 id=\"firstHeading\" class=\"firstHeading\"><strong>Byron Allen<\/strong><\/h1>\n<p><strong><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-22993\" src=\"https:\/\/myboysay.com\/blog\/wp-content\/uploads\/2021\/11\/byron-a.jpg\" alt=\"\" width=\"299\" height=\"168\" \/><\/strong><\/p>\n<div id=\"bodyContent\" class=\"vector-body\">\n<div id=\"siteSub\" class=\"noprint\"><strong>@RealByronAllen<\/strong><\/div>\n<div id=\"mw-content-text\" class=\"mw-body-content mw-content-ltr\" dir=\"ltr\" lang=\"en\">\n<div class=\"mw-parser-output\">\n<table class=\"infobox biography vcard\">\n<tbody>\n<tr>\n<th class=\"infobox-above\" colspan=\"2\">\n<div class=\"fn\"><strong>Byron Allen<\/strong><\/div>\n<\/th>\n<\/tr>\n<tr>\n<th class=\"infobox-label\" scope=\"row\"><strong>Born<\/strong><\/th>\n<td class=\"infobox-data\">\n<div class=\"nickname\"><strong>Byron Allen Folks<\/strong><\/div>\n<p><strong>April 22, 1961<span class=\"noprint ForceAgeToShow\"> (age\u00a060)<\/span><\/strong><\/p>\n<div class=\"birthplace\"><strong><a title=\"Detroit\" href=\"https:\/\/en.wikipedia.org\/wiki\/Detroit\">Detroit<\/a>, Michigan, U.S.<\/strong><\/div>\n<\/td>\n<\/tr>\n<tr>\n<th class=\"infobox-label\" scope=\"row\"><strong>Occupation<\/strong><\/th>\n<td class=\"infobox-data role\"><strong>Media Executive<\/strong><br \/>\n<strong>Comedian<\/strong><\/td>\n<\/tr>\n<tr>\n<th class=\"infobox-label\" scope=\"row\"><strong>Employer<\/strong><\/th>\n<td class=\"infobox-data org\"><strong>Allen Media Group\/<a title=\"Entertainment Studios\" href=\"https:\/\/en.wikipedia.org\/wiki\/Entertainment_Studios\">Entertainment Studios<\/a><\/strong><\/td>\n<\/tr>\n<tr>\n<th class=\"infobox-label\" scope=\"row\"><strong>Title<\/strong><\/th>\n<td class=\"infobox-data title\"><strong>Chairman and CEO<\/strong><\/td>\n<\/tr>\n<tr>\n<th class=\"infobox-label\" scope=\"row\"><strong><span class=\"nowrap\">Spouse(s)<\/span><\/strong><\/th>\n<td class=\"infobox-data\">\n<div>\n<div><strong>Jennifer Lucas<\/strong><\/div>\n<div><strong>\u200b<\/strong><\/div>\n<p><strong>(<abbr title=\"married\">m.<\/abbr>\u00a02007)<wbr \/>\u200b<\/strong><\/p>\n<\/div>\n<\/td>\n<\/tr>\n<tr>\n<th class=\"infobox-label\" scope=\"row\"><strong>Children<\/strong><\/th>\n<td class=\"infobox-data\"><strong>3<\/strong><\/td>\n<\/tr>\n<tr>\n<td class=\"infobox-full-data\" colspan=\"2\"><strong>Comedy career<\/strong><\/td>\n<\/tr>\n<tr>\n<th class=\"infobox-label\" scope=\"row\"><strong><span title=\"How this comedian performs, e.g. stand-up comedy, film or television actor, etc.\">Medium<\/span><\/strong><\/th>\n<td class=\"infobox-data category\"><strong><a class=\"mw-redirect\" title=\"Stand-up\" href=\"https:\/\/en.wikipedia.org\/wiki\/Stand-up\">Stand-up<\/a>, <a title=\"Television\" href=\"https:\/\/en.wikipedia.org\/wiki\/Television\">television<\/a><\/strong><\/td>\n<\/tr>\n<tr>\n<th class=\"infobox-label\" scope=\"row\"><strong>Years active<\/strong><\/th>\n<td class=\"infobox-data\"><strong>1979\u2013present<\/strong><\/td>\n<\/tr>\n<tr>\n<th class=\"infobox-label\" scope=\"row\"><strong><a title=\"Comedic genres\" href=\"https:\/\/en.wikipedia.org\/wiki\/Comedic_genres\">Genres<\/a><\/strong><\/th>\n<td class=\"infobox-data category\"><strong><a title=\"Observational comedy\" href=\"https:\/\/en.wikipedia.org\/wiki\/Observational_comedy\">Observational comedy<\/a><\/strong><\/td>\n<\/tr>\n<tr>\n<th class=\"infobox-label\" scope=\"row\"><strong>Subject(s)<\/strong><\/th>\n<td class=\"infobox-data category\"><strong><a title=\"Everyday life\" href=\"https:\/\/en.wikipedia.org\/wiki\/Everyday_life\">Everyday life<\/a>, <a class=\"mw-redirect\" title=\"American culture\" href=\"https:\/\/en.wikipedia.org\/wiki\/American_culture\">American culture<\/a><\/strong><\/td>\n<\/tr>\n<tr>\n<th class=\"infobox-label\" scope=\"row\"><strong>Notable works and roles<\/strong><\/th>\n<td class=\"infobox-data\">\n<div class=\"plainlist\">\n<ul>\n<li><strong>Host or co-host of:<\/strong><\/li>\n<li><strong><i><a title=\"Real People\" href=\"https:\/\/en.wikipedia.org\/wiki\/Real_People\">Real People<\/a><\/i><\/strong><\/li>\n<li><strong><i>The Byron Allen Show<\/i><\/strong><\/li>\n<li><strong><i><a title=\"Entertainers with Byron Allen\" href=\"https:\/\/en.wikipedia.org\/wiki\/Entertainers_with_Byron_Allen\">Entertainers with Byron Allen<\/a><\/i><\/strong><\/li>\n<li><strong><i><a title=\"Comics Unleashed\" href=\"https:\/\/en.wikipedia.org\/wiki\/Comics_Unleashed\">Comics Unleashed<\/a><\/i><\/strong><\/li>\n<\/ul>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><strong><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-22996\" src=\"https:\/\/myboysay.com\/blog\/wp-content\/uploads\/2021\/11\/byron-b-club.jpg\" alt=\"\" width=\"300\" height=\"168\" \/><\/strong><\/p>\n<p><strong>Byron Allen Folks<sup id=\"cite_ref-courthousenews_1-0\" class=\"reference\"><\/sup> (born April 22, 1961) is an African American businessman, <a title=\"Comedian\" href=\"https:\/\/en.wikipedia.org\/wiki\/Comedian\">comedian<\/a>, <a title=\"Television producer\" href=\"https:\/\/en.wikipedia.org\/wiki\/Television_producer\">television producer<\/a>, philanthropist, and the head of the <a title=\"United States\" href=\"https:\/\/en.wikipedia.org\/wiki\/United_States\">U.S.<\/a> entertainment company <a title=\"Entertainment Studios\" href=\"https:\/\/en.wikipedia.org\/wiki\/Entertainment_Studios\">Entertainment Studios<\/a>.<\/strong><\/p>\n<h2><strong><span id=\"Early_life_and_education\" class=\"mw-headline\">Early life and education<\/span><\/strong><\/h2>\n<p><strong>Allen was born in Detroit, but grew up in Los Angeles.<sup id=\"cite_ref-Chronicle_2-1\" class=\"reference\"><\/sup> His interest in show business began during his childhood, when he would accompany his mother, Carolyn Folks, to NBC studios in Burbank where she worked as a publicist.<\/strong><\/p>\n<p><strong>At age 14, Allen put together his first stand-up routine and began appearing on amateur night at comedy clubs throughout the <a title=\"Los Angeles\" href=\"https:\/\/en.wikipedia.org\/wiki\/Los_Angeles\">Los Angeles<\/a> area.<sup id=\"cite_ref-Sentinel_4-1\" class=\"reference\"><\/sup><\/strong><\/p>\n<h2><strong><span id=\"Career\" class=\"mw-headline\">Career<\/span><\/strong><\/h2>\n<p><strong>Comedian <a title=\"Jimmie Walker\" href=\"https:\/\/en.wikipedia.org\/wiki\/Jimmie_Walker\">Jimmie Walker<\/a> saw Allen&#8217;s stand-up act and invited the 14-year-old comedian to join his comedy writing team alongside promising young comedians <a title=\"Jay Leno\" href=\"https:\/\/en.wikipedia.org\/wiki\/Jay_Leno\">Jay Leno<\/a> and <a title=\"David Letterman\" href=\"https:\/\/en.wikipedia.org\/wiki\/David_Letterman\">David Letterman<\/a>. At age 18, Allen made his television debut on <i><a title=\"The Tonight Show Starring Johnny Carson\" href=\"https:\/\/en.wikipedia.org\/wiki\/The_Tonight_Show_Starring_Johnny_Carson\">The Tonight Show Starring Johnny Carson<\/a><\/i>. One of his earliest roles was as a regular <a title=\"Television presenter\" href=\"https:\/\/en.wikipedia.org\/wiki\/Television_presenter\">presenter<\/a> on the NBC series <i><a title=\"Real People\" href=\"https:\/\/en.wikipedia.org\/wiki\/Real_People\">Real People<\/a><\/i>, joining the cast at the beginning of the second season.<\/strong><\/p>\n<p><strong>His show <i>Jammin&#8217;<\/i> was picked up as <i>Kickin&#8217; It with Byron Allen<\/i> in 1992, and it ran for more than 21 seasons. Allen&#8217;s foray into television production began in Los Angeles in 1993 when he founded <a title=\"Entertainment Studios\" href=\"https:\/\/en.wikipedia.org\/wiki\/Entertainment_Studios\">Entertainment Studios<\/a> with the launch of his first series \u2014 <i><a title=\"Entertainers with Byron Allen\" href=\"https:\/\/en.wikipedia.org\/wiki\/Entertainers_with_Byron_Allen\">Entertainers with Byron Allen<\/a><\/i> \u2014 a weekly, one-hour series profiling the current stars of film and television.<\/strong><\/p>\n<p><strong>In 2018, Entertainment Studios acquired <a title=\"The Weather Channel\" href=\"https:\/\/en.wikipedia.org\/wiki\/The_Weather_Channel\">The Weather Channel<\/a> from <a title=\"NBCUniversal\" href=\"https:\/\/en.wikipedia.org\/wiki\/NBCUniversal\">NBCUniversal<\/a>, <a title=\"Bain Capital\" href=\"https:\/\/en.wikipedia.org\/wiki\/Bain_Capital\">Bain Capital<\/a>, and <a title=\"The Blackstone Group\" href=\"https:\/\/en.wikipedia.org\/wiki\/The_Blackstone_Group\">The Blackstone Group<\/a>.<sup id=\"cite_ref-Entertainment_Studios_5-0\" class=\"reference\"><\/sup><\/strong><\/p>\n<p><strong>In 2019, he partnered with <a title=\"Sinclair Broadcast Group\" href=\"https:\/\/en.wikipedia.org\/wiki\/Sinclair_Broadcast_Group\">Sinclair Broadcast Group<\/a> in Diamond Holding Group to acquire <a title=\"Fox Sports Networks\" href=\"https:\/\/en.wikipedia.org\/wiki\/Fox_Sports_Networks\">Fox Sports Networks<\/a>, which <a title=\"The Walt Disney Company\" href=\"https:\/\/en.wikipedia.org\/wiki\/The_Walt_Disney_Company\">The Walt Disney Company<\/a> agreed to sell as a condition of its <a class=\"mw-redirect\" title=\"Disney acquisition of Fox\" href=\"https:\/\/en.wikipedia.org\/wiki\/Disney_acquisition_of_Fox\">purchase of 21st Century Fox<\/a>.<sup id=\"cite_ref-7\" class=\"reference\"><\/sup><\/strong><\/p>\n<h2><strong><span id=\"Awards\" class=\"mw-headline\">Awards<\/span><\/strong><\/h2>\n<p><strong>In 2018, Allen was selected for the Bloomberg 50 as one of &#8220;the people in business, entertainment, finance, politics, and technology and science whose 2018 accomplishments were particularly noteworthy&#8221;.<sup id=\"cite_ref-8\" class=\"reference\"><\/sup> He was also selected for the 100 Most Intriguing Entrepreneurs at the Goldman Sachs Builders &amp; Innovators Summit 2018, and he was honored by the <a class=\"mw-redirect\" title=\"Salvation Army\" href=\"https:\/\/en.wikipedia.org\/wiki\/Salvation_Army\">Salvation Army<\/a> and the Los Angeles Metropolitan Advisory Board at the Salvation Army&#8217;s 11th Annual Christmas Kettle Luncheon. In January 2019, Allen was a recipient of NATPE&#8217;s 16th Annual Brandon Tartikoff Legacy Awards, presented during the annual NATPE Miami Marketplace &amp; Conference. Allen received the 2019 Whitney M. Young Jr. Award at the 46th annual Los Angeles Urban League Awards dinner.<\/strong><\/p>\n<h2><strong><span id=\"Personal_life\" class=\"mw-headline\">Personal life<\/span><\/strong><\/h2>\n<p><strong>Allen married TV producer Jennifer Lucas in 2007.<sup id=\"cite_ref-12\" class=\"reference\"><\/sup> The couple have three children: daughters Chloe, born in August 2008 and Olivia in April 2010, and a son, Lucas born in December 2012. Allen is on the <a title=\"Motion Picture &amp; Television Fund\" href=\"https:\/\/en.wikipedia.org\/wiki\/Motion_Picture_%26_Television_Fund\">Motion Picture &amp; Television Fund<\/a> Board of Governors.<\/strong><\/p>\n<p><strong>________________________________________________________________________<\/strong><\/p>\n<div class=\"wpb_column vc_column_container vc_col-sm-8\">\n<div class=\"vc_column-inner\">\n<div class=\"wpb_wrapper\">\n<div class=\"wpb_text_column wpb_content_element \">\n<div class=\"wpb_wrapper\">\n<h1><strong>Byron Allen<\/strong><\/h1>\n<p><strong><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-22997\" src=\"https:\/\/myboysay.com\/blog\/wp-content\/uploads\/2021\/11\/byron-amg-300x141.jpg\" alt=\"\" width=\"300\" height=\"141\" srcset=\"https:\/\/myboysay.com\/blog\/wp-content\/uploads\/2021\/11\/byron-amg-300x141.jpg 300w, https:\/\/myboysay.com\/blog\/wp-content\/uploads\/2021\/11\/byron-amg.jpg 327w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/><\/strong><\/p>\n<p><strong><em>Founder, Chairman, and Chief Executive Officer<\/em><\/strong><\/p>\n<p><strong><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-22998\" src=\"https:\/\/myboysay.com\/blog\/wp-content\/uploads\/2021\/11\/byron-star-300x154.jpg\" alt=\"\" width=\"300\" height=\"154\" srcset=\"https:\/\/myboysay.com\/blog\/wp-content\/uploads\/2021\/11\/byron-star-300x154.jpg 300w, https:\/\/myboysay.com\/blog\/wp-content\/uploads\/2021\/11\/byron-star.jpg 314w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/><\/strong><\/p>\n<\/div>\n<\/div>\n<div class=\"wpb_text_column wpb_content_element \">\n<div class=\"wpb_wrapper\">\n<p><strong>In 1993, comedian, producer, media mogul, and philanthropist Byron Allen founded his Los Angeles-based global media company, Entertainment Studios. The company has additional offices in New York, Chicago, Atlanta, and Raleigh. Allen now owns one of the largest cable network portfolios in the industry, featuring ten, 24-hour HD television networks (<em>THE WEATHER CHANNEL, COMEDY.TV, CARS.TV, ES.TV, JUSTICECENTRAL.TV, MYDESTINATION.TV, PETS.TV, RECIPE.TV, LOCAL NOW, and THE WEATHER CHANNEL EN ESPA\u00d1OL<\/em>). The company continues to produce and distributing Emmy Award-winning and nominated shows, while also selling advertising for 67 broadcast and cable television programs. Entertainment Studios has one of the largest libraries of family and advertiser-friendly lifestyle content in the world.<\/strong><\/p>\n<p><strong>Further distinguishing Entertainment Studios is its status as the first African-American owned multi-platform media studio producing and distributing wide-release motion pictures and content for all platforms. In 2015, Allen purchased Freestyle Releasing, now called Entertainment Studios Motion Pictures, a full-service theatrical movie distribution company. Entertainment Studios Motion Pictures released 2017\u2019s highest-grossing independent movie, the shark thriller 47 METERS DOWN. In 2018, Entertainment Studios Motion Pictures released the critically-acclaimed and commercially successful Western HOSTILES and the historic mystery-thriller CHAPPAQUIDDICK. In 2019 ESMP released 47 METERS DOWN: UNCAGED, the very successful second film in the potential franchise. To date, 47MD: UNCAGED has earned nearly $47M across all distribution platforms. The digital distribution unit of Entertainment Studios Motion Pictures, Freestyle Digital Media, is a premiere multi-platform distributor with direct partnerships across all major cable, digital and streaming platforms. Capitalizing on a robust infrastructure, proven track record and a veteran sales team, Freestyle Digital Media is a true home for independent films.<\/strong><\/p>\n<p><strong>In 2016, Entertainment Studios purchased TheGrio, a digital, video-centric news platform devoted to providing compelling entertainment, news and lifestyle content for African-Americans TheGrio features aggregated and original video packages, news articles, and blogs on topics that include breaking news, politics, health, business, and entertainment and remains focused on curating engaging digital content and currently has more than 20 million annual visitors.<\/strong><\/p>\n<p><strong>In the spring of 2018, Byron Allen acquired the #1 weather news television network, The Weather Channel. In 2018, The Weather Channel was named the 2018 Harris Poll EquiTrend TV News Brand for the eighth consecutive year. It also deployed cutting-edge storytelling with its IMR (Immersive Mixed Reality) technology which draws viewers into detailed and visually stunning weather and climate events.<\/strong><\/p>\n<p><strong>In 2019, Byron Allen announced the launch of The Weather Channel en Espa\u00f1ol which is slated for launch in 2022. Also in late Q4, 2019, Allen\u2019s technical team began rolling out LOCAL NOW, Entertainment Studios\u2019 STREAMING APP. This OTT and MOBILE APP will build revenue streams fed from across Byron Allen\u2019s many content business lines, building stronger engagement with a wider field of audience demographics. Local Now is powered by The Weather Channel technology which was a defining factor that attracted Allen and his executive team when they acquired the all-American brand in March of 2018.<\/strong><\/p>\n<p><strong>In 2019, Byron Allen formed ALLEN MEDIA BROADCASTING and began building the broadcast station group which includes four, \u201cBIG 4\u201d stations. In February 2020, Allen Media Broadcasting acquired an additional 11 stations from the purchase of USA TELEVISION. The USA TV portfolio acquisition follows several recent transformative transactions executed by Byron Allen. In August 2019, Mr. Allen personally partnered with Sinclair Broadcast Group to acquire 21 Regional Sports Networks (RSNs) from Walt Disney\/FOX Corporation for $10.6 billion. In July 2019, Byron Allen acquired Bayou City Broadcasting, which included 4 television stations.<\/strong><\/p>\n<p><strong>In August 2020, Allen Media Broadcasting added Honolulu ABC affiliate KITV, boosting his Allen Media Group\u2019s owned and operated big-four network affiliates to 16 stations in 12 markets.<\/strong><\/p>\n<p><strong>As with other major television stations in Hawaii, KITV-ABC 4 also operates multiple satellite stations and translators to rebroadcast its programming outside of metropolitan Honolulu \u2013 including KHVO-ABC 13 in Hilo and KMAU-ABC 12 in Wailuku \u2013 to cover all of the Hawaiian islands. The KITV portfolio also includes carriage of digital cable networks MeTV, Hawaii TV, Start TV and Heroes &amp; Icons, as well as a Washington, D.C. news bureau and correspondent.<\/strong><\/p>\n<p><strong>\u201cEntertainment Studios will continue to aggressively look for other opportunities to grow our global media company through strategic acquisitions\u201d, says Mr. Allen, who was inducted into Broadcasting and Cable\u2019s, BROADCAST HALL of FAME in late October 2019.<\/strong><\/p>\n<p><strong>In April 2021, ALLEN MEDIA BROADCASTING added 23 ABC, NBC, CBS and Fox network affiliate stations with its acquisition of most of the Gray Television facilities. The affiliate stations picked up by Allen Media include NBC\u2019s KVOA in Arizona, KWWL in Iowa and WREX in Illinois; ABC\u2019s WKOW in Wisconsin, WSIL\/KPOB in Kentucky\/Illinois and WAOW\/WMOW in Wisconsin.<\/strong><\/p>\n<p><strong>Planned for 2022 launch, Byron Allen will debut The Weather Channel Espa\u00f1ol, the first 24 hour Spanish language weather service.<\/strong><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<\/div>\n<\/article>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Byron Allen Gets More Backing for His Bid for Broadcaster Tegna Byron Allen has shored up more investors to back his $23-a-share takeover offer for television broadcaster Tegna Inc., according to people familiar with the matter. The media mogul is seeking $8 billion or more in debt and equity to outbid a consortium that includes [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":22994,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[2405,11,8,1314,2432,1456,1156,13,2404,14,1,12,7,9,10],"tags":[4152,4154,4157,4153,2496,4156,4155],"class_list":["post-22989","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all","category-business","category-entertainment","category-global-business-entrepreneurs","category-global-gamers","category-global-news-updates-and-more","category-global-sports","category-health","category-high-school-sports","category-most-commented","category-news","category-scitech","category-sports","category-us","category-world","tag-realbyronallen","tag-1961-age-60-detroit","tag-american-culture-notable-works-and-roles-host-or-co-host-of-real-people-the-byron-allen-show-entertainers-with-byron-allen-comics-unleashed","tag-byron-allen-born-byron-allen-folks-april-22","tag-michigan","tag-television-years-active-1979-present-genres-observational-comedy-subjects-everyday-life","tag-u-s-occupation-media-executive-comedian-employer-allen-media-group-entertainment-studios-title-chairman-and-ceo-spouses-jennifer-lucas--m-2007-children-3-comedy-career-medium-s","et-has-post-format-content","et_post_format-et-post-format-standard"],"_links":{"self":[{"href":"https:\/\/myboysay.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/22989","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/myboysay.com\/blog\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/myboysay.com\/blog\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/myboysay.com\/blog\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/myboysay.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=22989"}],"version-history":[{"count":0,"href":"https:\/\/myboysay.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/22989\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/myboysay.com\/blog\/index.php?rest_route=\/wp\/v2\/media\/22994"}],"wp:attachment":[{"href":"https:\/\/myboysay.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=22989"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/myboysay.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=22989"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/myboysay.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=22989"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}