Byron Allen's Entertainment Studios has struck another deal. Allen's company has acquired the cable network the Weather Channel for a reported $300 million.
The Weather Channel was jointly owned by the Blackstone Group, Bain Capital and Comcast/NBCUniversal.
"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 Byron Allen, chairman and CEO of Entertainment Studios. "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."