Statement from NABJ
NABJ congratulates media mogul Byron Allen for stepping up to the plate and purchasing the Black News Channel, which had previously gone bankrupt, leaving dozens of staffers without jobs. The new Black News Channel entity holds great promise for information and news relevant to the Black community, and we applaud Mr. Allen’s latest investment.
From theGrio
Byron Allen’s Allen Media Group, which owns theGrio, has acquired the defunct Black News Channel out of bankruptcy from billionaire Shahid Khan, owner of the NFL’s Jacksonville Jaguars franchise.
Allen acquired the network for $11 million after approval from a Florida bankruptcy court, according to a company press release.
Allen’s acquisition of the network will add 300 million linear and digital subscribers to the AMG portfolio of assets — which includes 12 television networks, such as The Weather Channel, digital platforms Local Now, HBCU GO, Sports.TV, theGrio streaming app, and The Weather Channel streaming app. Read more here.