Byron Allen Buys Black News Channel

Media mogul and network executive Byron Allen is acquiring Black News Channel LLC out of bankruptcy for $11 million as he seeks to revive a cable news network that provided Black Americans’ perspective on current events before shutting down earlier this year.

The Wall Street Journal reports Allen Media Group beat out other potential purchasers, including the owner of Ebony magazine who had expressed interest in acquiring BNC out of chapter 11. Judge Karen Specie of the U.S. Bankruptcy Court in Tallahassee, Fla., approved the sale of BNC this week, according to court papers filed Wednesday.

The acquisition bolsters AMG’s portfolio of media assets, which includes the Weather Channel, HBCU GO, theGrio streaming app and more than two dozen ABC, NBC, CBS and Fox network affiliate television stations.

Byron Allen

Allen said his BNC acquisition gives cable operators, satellite companies and digital media platforms an option for diversifying ownership and viewpoints for programming they offer “by having a 100 percent African-American owned network.”

“Allen Media Group 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,” Allen said.

BNC launched two years ago and featured a lineup of high-profile contributors that included Charles Blow and Marc Lamont Hill. It shut down in March and then filed for bankruptcy, citing challenging market conditions and financial pressure. The network has largely been backed by automotive-parts billionaire and Jacksonville Jaguars NFL team owner Shad Khan.