Byron Allen’s Allen Media Group is buying the Black News Channel, with plans to revive the bankrupt cable news outlet and significantly grow its distribution footprint.
Allen’s company is acquiring “substantially all” of BNC’s assets for $11 million, with a bankruptcy court in Tallahassee, Florida, formally signing off on the sale.
Allen says that his 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.
“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 percent African-American-owned network,” he added.
Allen says that his 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.
“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 percent African-American-owned network,” he added.
