Byron Allen’s Allen Media Group bid to acquire Black News Channel (BNC) out of bankruptcy for $11 million has the seal of approval from the United States Bankruptcy Court, per The Wrap.
Jacksonville Jaguars owner Shahid formerly owned BNC before he opted to no longer invest in the company, and will become the latest acquisition to AMG’s portfolio of assets, which includes 12 television networks.
“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.
“Also, we appreciate the opportunity to provide cable operators, satellite companies, telcos and digital platforms diversity of ownership, voice and viewpoints on their programming line-ups by having a 100 percent African-American owned network.”
BNS has carriage on traditional linear packages via Comcast, Charter, Cox, DISH, DirecTV, and Verizon, but there’s no further word on what the future holds for the network or what the plans are by the AMG.
Nonetheless, BNC joins The Weather Channel, digital platforms Local Now, HBCU Go, Sports.TV, theGrio Streaming App, and The Weather Channel Streaming App as networks under the AMG umbrella.
Eduardo Razo is the Assistant Content Editor for BNM, which includes writing daily news stories on the news media industry. He can be found on Twitter @eddierazo_ or you can reach him by email at eddie1991razo@gmail.com.
