According to reports, billionaire Byron Allen's Allen Media Group is buying the bankrupt Black News Channel for $11 million.
The Hollywood Reporter notes Allen Media Group has acquired “substantially all” of the Black News Channel assets with the purchase to revive the recently defunct media outlet.
Per THR:
BNC is available in about 45 million homes through companies like Comcast, Charter and DirecTV, and Allen says his company can grow that distribution to about 80 million homes in the next six months. It’s not immediately clear, however, what Allen has in store for BNC’s lineup or programming. BNC had just rebooted its primetime lineup last year with hopes of turning things around.
In the wake of the news, Allen told reporters the company “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."
He added, "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 percent African-American-owned network,”
Source: Hollywoodreporter.com
