Byron Allen’s Allen Media Group 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.
Allen’s company is acquiring “substantially all” of BNC’s assets for $11 million, with a bankruptcy court in Tallahassee, Florida, formally signing off on the sale.
The sale of the Black News Channel assets was approved by Northern District of Florida, Tallahassee Division of the United States Bankruptcy Court. Black News Channel’s backers had previously tried to sell the company to Ebony Studios LLC, a company linked to Ulysses Lee “Junior” Bridgeman, owner of Ebony magazine, according to a court filing. 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.
Allen says that his company “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.
In the past three years, Allen Media Group has invested over $1 billion to acquire 27 network affiliate broadcast television stations nationwide. Allen settled a $10 billion racial discrimination suit against Charter Communications in February 2021 then filed another against McDonald’s that May.