What is Byron Allen’s Net Worth?
Byron Allen, an American comedian and television producer, has a net worth of $800 million. He is most famous for being the head of Entertainment Studios, an American broadcast empire, and owning Allen Media Group (AMG).
Allen is a highly successful individual in Hollywood but is often overlooked. In 2018, he acquired The Weather Channel television network (not the website) and now owns 12 cable networks. He also actively produces approximately 70 television shows that air on affiliates throughout the United States.
Early Life and Career of Byron Allen
Byron Allen Folks was born on April 22nd, 1961 in Detroit, Michigan and grew up in Los Angeles. His interest in show business began during his childhood when he would accompany his mother to NBC studios in Burbank. Allen put together a stand-up routine and began performing at amateur nights in Los Angeles comedy clubs. Comedian Jimmie Walker saw Allen’s stand-up act and invited him to join his comedy writing team alongside young comedians Jay Leno and David Letterman. At 18, Allen made his television debut on “The Tonight Show Starring Johnny Carson”, becoming the youngest stand-up comedian ever to perform on the show.
Byron Allen’s Success in the Entertainment Industry
Byron Allen’s career in the entertainment industry began with a successful one-night gig on “The Tonight Show”, which led to an offer to co-host a new talk show called “Real People”. During his time as co-host, he learned about producing, directing, advertising, and the financial workings of the industry. Allen spent his spare time building relationships with television stations, advertisers, and industry professionals.
Allen went on to co-found Entertainment Studios with his mother in 1993. His first series, “Entertainers with Byron Allen”, was a weekly, one-hour program that profiled current stars of film and television. In 2009, Allen became the first television entrepreneur to launch six 24-hour HD television networks simultaneously, including Pets.TV, Comedy.TV, and Recipe.TV. His companies currently produce over 30 nationally syndicated programs, generating $100 million in revenue per year, making Entertainment Studios the largest independent producer and distributor of first-run syndicated programming in the world.
Byron Allen Gives Away Shows for Free to Sell Advertising Directly
Instead of charging networks fees for his shows, Byron Allen gives them away for free. In return, he has the right to sell 50% of the show’s available advertising time directly. Advertisers are eager to buy advertising time with him because he can charge lower prices while still reaching 35 million viewers. This is largely due to the sheer number of shows he has in circulation. Byron Allen currently owns 100% of Entertainment Studios.
Family Life
Allen married Jennifer Lucas, a television producer, in 2007. Together, they have three children.
Byron Allen Settles $10 Billion Racism Lawsuit Against Comcast
Byron Allen has wrapped up a five-year campaign against Comcast after filing a $10 billion claim for racism. In February 2021, he withdrew his lawsuit after a private settlement was reached. The settlement also achieved carriage agreements for three of his cable channels.
Originally, Comcast had refused to carry Allen’s channels, a decision that he claimed was due to racial discrimination. The court case was eventually taken to the Supreme Court after an appeal from Comcast. Prior to this, Allen’s suit had been dismissed three times at the district court level.
Allen has filed similar suits against AT&T and Charter Communications, citing their refusal or unwillingness to carry channels that are owned by African Americans.
Byron Allen’s Television Empire
In 2009, Byron Allen became the first television entrepreneur to launch a portfolio of six 24-hour HD television networks simultaneously. The networks include Pets.TV, Comedy.TV, Recipe.TV, Cars.TV, ES.TV, and MyDestination.TV. Today, Allen’s companies produce over 30 nationally syndicated programs that generate more than $100 million in revenue annually, according to “The Hollywood Reporter.”
Byron Allen’s Recent Acquisitions
In 2018, Byron Allen’s company acquired The Weather Channel for $300 million, excluding its online assets. In 2020, Allen’s company acquired an ABC affiliate in Honolulu for $30 million, 11 broadcast television stations from USA Television for over $300 million, and 21 regional sports networks from Walt Disney/Fox worth $10.6 billion. Bayou City Broadcasting, which owns four stations, was also acquired for approximately $165 million.
However, Tegna, a major broadcaster, rejected Allen’s offer of $8.5 billion for an all-cash deal. Despite this setback, Allen announced that he invested $500 million in network affiliates in the past year and intends to spend about $10 billion in total over the next few years to become the nation’s largest broadcaster.
In July 2022, Allen’s company acquired the Black News Channel television network out of bankruptcy for $11 million.
Byron Allen’s Impressive Real Estate Portfolio
In 2018, Byron Allen purchased an oceanfront estate in Maui for $22.8 million. The residence features 7,300 square feet of living space, five bedrooms, and 130 feet of beach frontage. The property also includes an elevator, a 500-bottle wine cellar, and a swimming pool, among other amenities.
In 2019, Allen added a $20-million Beverly Hills mansion to his real estate portfolio. The property boasts 11,266 square feet of living space and eight bedrooms. He also owns a smaller home in the Birds Street Neighborhood of Hollywood Hills.
That same year, Allen purchased a 3,000-square-foot apartment in one of New York City’s most expensive apartment buildings for $26.75 million. The condo features three bedrooms.
In 2020, Allen splurged on a $27-million mansion in Aspen, Colorado. The residence offers stunning mountain views and includes an outdoor pool, walls of glass, and a second-story terrace.
Most recently, in October 2022, Allen paid $100 million for a 3.6-acre clifftop mansion in Malibu. The property features an 11,000 square-foot primary home with 8 bedrooms and 12 bathrooms, as well as several additional guest and staff houses. The home was originally listed for $127.5 million and was previously owned by Public Storage billionaires Tammy Hughes Gustavson and Eric Gustavson.
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