Media mogul and network executive Byron Allen is acquiring Black News Channel LLC out of bankruptcy for $11 million as he seeks to revive a cable news network that provided Black Americans’ perspectives on current events before shutting down earlier this year, <em>WSJ Pro</em> reported. Allen Media Group beat out other potential purchasers, including the owner of Ebony magazine, who had expressed interest in acquiring BNC out of chapter 11. Bankruptcy Judge Karen Specie approved the sale of BNC this week, according to court papers. The acquisition bolsters AMG’s portfolio of media assets, which includes the Weather Channel, HBCU GO, theGrio streaming app and more than two dozen ABC, NBC, CBS and Fox network affiliate television stations. Mr. Allen said his BNC acquisition gives cable operators, satellite companies and digital media platforms an option for diversifying ownership and viewpoints for programming they offer “by having a 100 percent African-American owned network.” BNC launched two years ago and featured a lineup of high-profile contributors that included Charles Blow and Marc Lamont Hill. It shut down in March, then filed for bankruptcy, citing challenging market conditions and financial pressure.
