Byron Allen Net Worth 2024

What is Byron Allen’s Net Worth?

Byron Allen is an American comedian, tv producer, and leisure mogul who has a net worth of $800 million. Byron Allen is among the most under-the-radar, extraordinarily profitable folks in Hollywood. He started his profession as a stand-up comedian, making his debut on “The Tonight Show Starring Johnny Carson,” one of many youngest comedians ever to carry out on the present. This early success led to a daily function on the NBC tv collection “Real People.” Transitioning from comedy to enterprise, Allen based Entertainment Studios in 1991, a totally built-in world media manufacturing and distribution firm. This firm grew to become notable for producing and distributing TV reveals, promoting promoting, and pioneering court docket present productions. In 2009, he launched six HD tv networks. He additionally owns and operates Allen Media Group (AMG). In 2018, Byron paid $300 million for The Weather Channel tv community (not the web site). Between his two firms, he owns 12 cable networks and actively produces round 70 tv reveals that air on associates throughout the United States.

In current years, Byron has earned headlines for launching a collection of (to this point) unsuccessful high-dollar acquisitions. In March 2020, he made an $8.5 billion supply to purchase TV station proprietor Tegna. In 2022, he tried to purchase the NFL’s Washington Commanders. In September 2023, he made a $10 billion supply to purchase ABC and numerous different TV stations from Disney. In November 2023 he made an try to purchase TV stations owned by E.W. Scripps. In December 2023, he made a $3.5 billion supply to purchase Black Entertainment Television from Paramount. In January 2024, he accomplished a $14 billion supply to purchase out Paramount. None of those offers have really come to fruition.

Early Life

Byron Allen Folks was born on April twenty second, 1961 in Detroit, Michigan. He grew up in Los Angeles. Allen’s curiosity in present enterprise started throughout his childhood when he would accompany his mom to NBC studios in Burbank, the place she labored as a publicist. Free to roam the sound levels, Allen would sneak onto “The Tonight Show” set, sit behind Johnny Carson’s desk and play speak present host. Allen put collectively a stand-up routine and commenced acting at beginner nights in Los Angeles comedy golf equipment. Comedian Jimmie Walker noticed Allen’s stand-up act and was so impressed that he invited the 14-year-old comedian to affix his comedy writing crew alongside the younger comedians Jay Leno and David Letterman. At age 18, Allen made his tv debut on “The Tonight Show Starring Johnny Carson.” Allen holds the excellence of being the youngest standup comedian ever to have carried out on the present.

Career

His one-night gig on “The Tonight Show” was so profitable that it led to a suggestion for Byron to co-host a brand new speak present referred to as “Real People.”  While co-hosting “Real People,” he took the chance to be taught as a lot as he may about producing, directing, promoting, and the way cash actually labored within the leisure business.  He spent his spare time creating relationships with numerous tv stations, talking instantly with advertisers, and changing into acquainted with everybody he may behind the scenes.

In 1993, Allen co-founded Entertainment Studios together with his mom. His first collection, “Entertainers with Byron Allen,” was a weekly, one-hour collection profiling the present stars of movie and tv. In 2009, Allen grew to become the primary tv entrepreneur to personal and launch a portfolio of six 24-hour HD tv networks concurrently. The six networks embrace Pets.TV, Comedy.TV, Recipe.TV, Cars.TV, ES.TV, and MyDestination.TV.

Today, Byron’s firms produce greater than 30 nationally syndicated packages that generate $100 million in income per 12 months. Entertainment Studios is the biggest unbiased producer and distributor of first-run syndicated programming on the planet.

Revenue Model

Instead of charging the networks big charges for the rights to his reveals, he offers away his reveals at no cost.  Yes, you learn that accurately – at no cost. In alternate for giving the content material away at no cost, Byron is given the proper to promote 50% of the present’s out there promoting time, which he then sells instantly. Advertisers are clamoring to purchase promoting time with him, as properly, since he can cost decrease costs for the advert time whereas nonetheless reaching 35 million viewers, largely as a result of sheer variety of reveals he has operating. Byron owns 100% of Entertainment Studios to today.

Personal Life

In 2007, Allen married a tv producer named Jennifer Lucas. Over the course of their relationship, the couple has had three youngsters collectively.

Byron Allen serves on the Motion Picture & Television Fund Board of Governors. In February 2023, Allen was offered with the inaugural “Legendary Honor” by the African American Student Union of the Harvard Business School.

Lawsuits

In 2020, Byron wrapped up a 5-year marketing campaign in opposition to Comcast after submitting a $10 billion declare for racism. In February 2021, he withdrew his lawsuit after a personal settlement was reached. The settlement additionally achieved carriage agreements for 3 of his cable channels. Comcast had initially refused to hold his channels, a call that Allen claimed was attributable to racial discrimination. The court docket case was ultimately taken to the Supreme Court after an enchantment from Comcast. Prior to this, Allen’s swimsuit had been dismissed 3 times on the district court docket degree. Byron has filed related fits in opposition to AT&T and Charter Communications, citing their refusal or unwillingness to hold channels which might be owned by African Americans.

Allen launched a $10 billion federal lawsuit in opposition to McDonald’s Corp for “racial stereotyping” of their advert practices. In May 2023, he filed a second lawsuit in opposition to McDonald’s by which he alleges the fast-food chain has refused to promote with Black-owned media. Byron is accusing the corporate of mendacity after they pledged in May 2021 to spice up nationwide advert spending with Black-owned media to five% from 2% by 2024.

TV Network Revenues

In 2009, Allen grew to become the primary tv entrepreneur to personal and launch a portfolio of six 24-hour HD tv networks concurrently. The six networks embrace Pets.TV, Comedy.TV, Recipe.TV, Cars.TV, ES.TV, and MyDestination.TV. Today, Byron’s firms produce greater than 30 nationally syndicated packages that (in accordance with “The Hollywood Reporter”) deliver in additional than $100 million in income annually.

Acquisitions

In 2018, it was introduced that Byron Allen’s firm could be acquiring The Weather Channel for $300 million. The deal included the cable TV community however not on-line belongings like Weather.com and its associated apps – which had really been beforehand offered to IBM.

In 2020, it was introduced that AMG was buying an ABC affiliate in Honolulu for $30 million. The Hawaii-based affiliate covers all the major islands, and it additionally has a portfolio that features MeTV, Start TV, Heroes & Icons, and a Washington, D.C.-based information community. Earlier within the 12 months, he closed a deal that included the acquisition of 11 broadcast tv stations from USA Television. This deal was value greater than $300 million. Also, in 2020, Allen partnered with the Sinclair Broadcast Group to accumulate no fewer than 21 regional sports activities networks from Walt Disney/Fox. This deal was value an astounding $10.6 billion.

Other offers throughout this era included the acquisition of Bayou City Broadcasting, which owns 4 stations in locations like Louisiana and Indiana. This deal was value about $165 million. One firm that appears to be holding out is Tegna, a giant broadcaster that has rejected Allen’s supply of $8.5 billion for an all-cash deal. In 2020, Byron introduced that he had invested $500 million in community associates over the previous 12 months or so. Allen additionally said that he plans to spend about $10 billion in complete over the following few years in a bid to speculate closely in acquisitions and grow to be the nation’s largest broadcaster.

Allen was a part of a gaggle that made a bid to purchase the Denver Broncos of the National Football League in February 2022 however was outbid by the S. Robson Walton group.

In July 2022 Byron’s company acquired the Black News Channel tv community out of chapter for $11 million.

Attempted Acquisitions

As we summarized within the opening part of this text, in recent times, Byron has earned headlines for launching acquisition makes an attempt which have largely not come to fruition. For instance:

• In March 2020, he made an $8.5 billion supply to purchase TV station proprietor Tegna.
• In 2022, he tried to purchase the NFL’s Washington Commanders.
• In September 2023, he made a $10 billion supply to purchase ABC and numerous different TV stations from Disney.
• In November 2023, he tried to purchase TV stations owned by E.W. Scripps. In December 2023, he made a $3.5 billion supply to purchase Black Entertainment Television from Paramount.
• In January 2024, he made a $14 billion supply to purchase out Paramount. None of those offers have really come to fruition.

For the $14 billion Paramount supply, in accordance with a letter he despatched to the corporate, Allen deliberate to finance the acquisition via a mixture of secured and unsecured senior debt and fairness. Allen would plan to promote the Paramount movie studio, some mental property, and numerous actual property belongings to boost money/pay down debt. He reportedly made the supply to Paramount’s senior executives by way of textual content message, together with the next assurance:

“We are extremely assured that if we have now full entry to the corporate’s inside due diligence data, we can construction the capital construction to greatest present for the corporate’s future progress prospects.“

Real Estate

In 2018, Byron Allen paid $22.8-million for oceanfront property in Maui. Located within the prosperous neighborhood of Kihei, the residence sits on a three-quarter-acre plot of land with 130 feet of seashore frontage. Originally constructed in 2015, the residence itself options 7,300 sq. feet of residing area and 5 bedrooms. The exterior boasts coral stone ending, whereas the inside is trimmed in mahogany. Notable additions embrace an elevator, a 500-bottle wine cellar, an open-air spa, and 1,700 sq. feet of out of doors residing area within the type of lanais. Of course, there may be additionally a swimming pool on the land and a three-car storage. According to reviews, the true property deal was probably the most costly in Maui’s historical past.

In 2019, Bryon added to his actual property portfolio with the acquisition of a $20-million Beverly Hills mansion. The property options 11,266 sq. feet of residing area and eight bedrooms. Located within the Beverly Hills Flats neighborhood, the house sits on a plot of land barely greater than one-third of an acre. Prior to this buy, Allen had already acquired a smaller house in Hollywood Hills a lot earlier. Fred Durst of Limp Bizkit as soon as owned this close by house, and it’s situated within the Birds Street Neighborhood.

Also in 2019, the broadcasting mogul picked up a 3,000-square-foot house at 220 Central Park South for $26.75 million. Situated in one in every of New York City’s costliest house buildings, the rental options three bedrooms.

In 2020, Allen splurged on actual property as soon as once more, snatching up a $27-million mansion in Aspen, Colorado. The residence boasts 9,000 sq. feet of residing area, and it was beforehand owned by a profitable Mexican businesswoman. This vendor initially listed the property for as a lot as $35 million, though steady value cuts allowed Byron to assert it for a lot much less. The residence affords distinctive views of the encircling mountains, and it options an out of doors pool, partitions of glass, and a second-story terrace.

In October 2022, Byron paid $100 million for a 3.6-acre clifftop mansion in Malibu. The property options an 11,000-square-foot major house with eight bedrooms and 12 bogs, plus a number of extra visitor and workers homes. The house was initially listed in May 2021 for $127.5 million. The sellers had been Public Storage billionaires Tammy Hughes Gustavson and Eric Gustavson. Tammy’s late father Bradley Hughes, the founding father of Public Storage, initially bought the property in 2003 for $20 million.