Black News Channel has a new owner. Byron Allen’s Allen Media Group has purchased the news network. The network, which was in bankruptcy, was acquired by AMG for $11 million, reports TVNewser.
The Northern District of Florida, Tallahassee Division of the United States Bankruptcy Court, issued an order approving the sale of “substantially all of” Black News Channel “assets free and clear of all liens, claims, encumbrances and interests” to AMG’s 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, founder/chairman/CEO of Allen Media Group.
Black News Channel was shut down in March after the previous owner, Jacksonville Jaguars and billionaire businessman Shad Khan decided he no longer wanted to invest in the news organization. Khan, who was also the majority shareholder, had invested $50 million into BNC when he decided to pull the plug.
Photo: Noam Galai