Media mogul Byron Allen had powerful words to share at Black Enterprise‘s Entrepreneur Summit. Allen talked about why his company, Entertainment Studios, recently acquired the Weather Channel.
“It was transformative. It’s the largest cable network not owned by a conglomerate. It’s the first cable network general market that’s owned by an African American,” explained Allen.
“I don’t want to play in the negro league, I want to play in the global leagues. I want to send the message really loud and clear that that’s a fine box, but I’m not in that box. I’m chasing trillions not millions.”
Watch Byron Allen’s entire talk with Black Enterprise below:
The Weather Channel Acquisition
The Weather Channel is the latest acquisition for the expansive and diverse Entertainment Studios portfolio, which includes film production and distribution, 41 television shows, and eight 24-hour HD cable networks.
Allen—who is the founder, chairman, and CEO of Entertainment Studios—noted his enthusiasm about continuing his long track record of business success.
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“The Weather Channel is one of the most trusted and extremely important cable networks, with information vitally important to the safety and protection of our lives,” said Allen in a press release. “We welcome The Weather Channel, which has been seen in American households for nearly four decades, to our cable television networks division. The acquisition of The Weather Channel is strategic, as we begin our process of investing billions of dollars over the next five years to acquire some of the best media assets around the world.”
Weather Channel CEO Dave Shull expressed his excitement about the deal.
“We are excited to join Entertainment Studios, and we are especially proud to be part of one of the largest emerging global media companies,” said Shull. “Byron Allen’s purchase of our innovative and forward-thinking organization will increase the value we bring to our viewers, distributors, and advertisers.”
(Entertainment Studios is the parent company of theGrio.com.)