Byron Allen secures half a billion dollars in credit facilities
Byron Allen, CEO and founder of Entertainment Studios (theGrio.com’s parent company), has secured half a billion dollars in credit facilities organized by world-renowned financial institutions.
According to a press release, “the credit facilities were organized by Deutsche Bank Securities, Inc., Jefferies Financial Group, Brightwood Capital Advisors, and Comerica Bank. The loan was syndicated to a large group of lenders, who collectively manage over $500 billion.”
“As we celebrate our 25th anniversary, this additional capital positions us for further investments and acquisitions,” said Allen in a statement. “More importantly, this group of lenders have provided us with the financial backing and capacity to increase the credit line and make large-scale acquisitions, which is a major part of our strategy going forward.”
The credit will be used for general business purposes, including production and acquiring other corporations. Entertainment Studios covers a wide range of offerings such as broadcast television syndication, production, and distribution of more than 41 television programs and eight television networks. Movie production, acquisition and distribution are also part of Entertainment Studios vast capabilities.
Weather Channel Acquisition
Allen made a splash earlier this year when it was announced that he had acquired the Weather Channel for $300 million.
“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.
At Black Enterprise‘s Entrepreneur Summit in June, Allen further explained the significance of the Weather Channel acquisition.
“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,” he said. “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.”
Allen founded Entertainment Studios at his dining room table 25 years ago.