The Weather Channel has been sold to Entertainment Studios, a media company that includes several networks including Cars.tv, Pets.tv and Recipe.tv.
Entertainment Studios, owned by media mogul Byron Allen, will acquire the television network from its owners, The Blackstone Group, Bain Capital and Comcast/NBCUniversal. The terms of the deal weren’t disclosed, though one source estimated the deal to be in the $300 million range.
With the acquisition of The Weather Channel and Local Now, Allen expands into live and local cable news. The Entertainment Studios divisions now include broadcast television syndication, production and distribution of more than 41 programs; eight 24/7 cable television networks; theatrical motion picture production, acquisition and distribution; digital movie acquisition and distribution; and global news publishing.
Comcast, Blackstone and Bain purchased The Weather Channel for $3.5 billion in July 2008. The digital operations of The Weather Channel were acquired in 2015 by IBM in a deal pegged at around $2 billion.
Allen said he want to invest more in The Weather Channel, expanding both its international and local distribution. It’s part of a broader strategy to invest what he said would be billions of dollars in the media and entertainment industry