LOS ANGELES — The Weather Channel is under new ownership.
Entertainment Studios Inc., an independent movie and TV producer and distributor, said Thursday it's 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.
Bain, Blackstone and Comcast-NBCUniversal bought the Weather Channel Cos. from Landmark Communications in 2008 for a reported $3.5 billion. The new owners sold digital assets including the Weather.com
Allen called the Weather Channel "an American treasure" that he intends to expand.
Meteorologist Jim Cantore is among the familiar faces at the basic cable channel that's available in more than 80 million North American homes.
In a statement, Weather Channel CEO Dave Shull said Allen's ownership will benefit its viewers, distributors and advertisers.
Entertainment Studios owns seven TV channels, including Comedy.tv and Justice Central.tv, which are distributed online and by pay-TV providers.
It also owns TheGrio.com, a
Allen said the purchase of the Weather Group was completed Thursday morning through his company Allen Media LLC.