Funny Guy, Entrepreneur Purchases Weather Channel For $300 Million

The Weather Channel is under new ownership... and its new proprietor is no one to joke about. 

Entertainment Studios Inc., an independent movie and TV producer and distributor, said Thursday that it has acquired the channel's parent company, Weather Group.

Byron Allen, founder and owner of Entertainment Studios, bought the Weather Group from the Blackstone Group, Bain Capital and Comcast-NBCUniversal, Entertainment Studios said.

"The Weather Channel is a phenomenal asset," Allen said in an interview. "It is the No. 1 weather news network in America. It's a network that's very important, that provides us information to protect our families and our lives."

The purchase price for the channel and Local Now, a news streaming service, reportedly was $300 million. Entertainment Studios declined to confirm the figure.

Entertainment Studios owns seven TV channels, including and Justice, which are distributed online and by pay-TV providers.

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