Initially, Billionaire and owner of the NFL Jacksonville Cougar’s franchise, Shahid Khan, invested $100 million into BNC. But just two years after its 2020 launch, the network would shut down and file for bankruptcy of $11 million in assets.
According to the Northern District of Florida, Tallahassee Division of the United States Bankruptcy Court, the approval for sales of the Black News Channel assets are all clear of liens and claims to AMG’s (Allen Media Group) networks division.
“We are excited to have been selected to acquire the Black News Channel, which has approximately 300 million linear and digital subscribers,” said Byron. “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. Also, we appreciate the opportunity to provide cable operators, satellite companies, telcos, and digital platforms diversity of ownership, voices, and viewpoints on their programming line-ups by having a 100 percent African-American owned network.”
With already over 45 million homes having access to the BNC Network via companies like Directv and Comcast, Byron confidently declares that with his leadership he can expand distribution to roughly 80 homes within the next six month and add 300 million linear and digital subscribers to his media company. Allen believes that the bankruptcy occurred due to the refusal of sub fees by the operators.
“If you really want something to succeed and you don’t want to find it in bankruptcy, and they’re pink slipping 300 Black journalists. Yeah, there should have been some sub fees. This is the reason I sued the cable industry before for $40 billion. Are you serious? You’re going to pay anywhere from $1-2 for other cable networks, but zero for the Black News Channel? It’s a bad mark on us as a country that the Black News Channel didn’t get enough support, to have diversity in ownership, diversity in voices and diversity of viewpoints. Alright cable industry, you’ve got one more chance at that. Alright ad community, you’ve got one more chance at that. So we’re going to work closely with folks to let them show the world who they really are” said Byron.
Allen, a comedian turned media maven, has become a prominent heavy hitter in the know for acquiring multimedia brands such as cable networks, digital platforms and local television stations that he strategically places in position to grow his own media brand. His extensive portfolio includes THE WEATHER CHANNEL, TheGrio, COMEDY.TV, CARS.TV, ES.TV, JUSTICE CENTRAL.TV, MYDESTINATION.TV, PETS.TV, RECIPE.TV, LOCAL NOW, and THE WEATHER CHANNEL EN ESPAÑOL.
Byron plans to deliver top quality network programing to unserved African-American communities.
“Also, we appreciate the opportunity to provide cable operators, satellite companies, telcos and digital platforms diversity of ownership, voices and viewpoints on their programming lineups by having a 100 percent African-American-owned network.”