American comedian and television producer Byron Allen has a net worth of $450 million. He is best known in the entertainment industry for his role as CEO of American studio Entertainment Studios. Another of his businesses (AMG) is Allen Media Group, which he also owns and runs. You may not have heard of him, but his success is undeniable.

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As a child

Byron Folks was born in Detroit, Michigan on April 22, 1961. He is from the City of Angels. Growing up, Allen would follow his mother into her job as a publicist at NBC Studios in Burbank, where he developed an early fascination with the entertainment industry. Allen would sneak onto the set of “The Tonight Show with Johnny Carson” and pretend to be the host.

As an amateur comedian in Los Angeles comedy clubs, Allen developed stand-up performance and began performing it. Allen’s stand-up routine impressed comedian Jimmie Walker, who then offered him to join his comedy writing team alongside Jay Leno and David Letterman, both also in their early twenties.

The Tonight Show Starring Johnny Carson” was the first TV show Allen appeared on when he was just 18 years old. Allen holds the distinction of being the youngest stand-up comedian to appear on the show.

Career

On “The Tonight Show,” her one-night stand yielded the opportunity to co-host “Real People,” a brand new chat show. Real People” allowed him to learn as much as possible about the film, television and advertising industries through his co-host duties. In his spare time, he made connections with TV stations, spoke directly with advertisers, and got to know everyone he could behind the scenes.

Allen and his mother started Entertainment Studios in 1993.

Entertainers with Byron Allen” was his first hour-long weekly television show, which featured interviews with current film and television stars. A year after launching six 24-hour HD networks simultaneously in 2009, Allen became the first television entrepreneur to own and operate a portfolio of six networks. Pets.TV, Comedy.TV, Recipe.TV, Cars.TV, ES.TV and MyDestination.TV are among the six networks represented.

To date, Byron’s companies create more than 30 nationally syndicated shows that gross $100 million in annual revenue. The largest independent producer and distributor of first-run syndicated programming in the world is Entertainment Studios. ‘

The business plan

For the rights to his shows, he gives them away for free rather than charging the networks huge sums. Free. It’s true, without any conditions. Since the content is free, Byron is allowed to sell 50% of the available advertising time, which he then resells.

Due to the large amount of shows it has aired, it is able to charge lower costs for advertising time while attracting 35 million people. To this day, Byron still owns a 100% stake in Entertainment Studios.

Relationships

Jennifer Lucas, a television producer, became Allen’s wife in 2007. The couple had three children together during their relationship.

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There’s a Comcast lawsuit pending

After a five-year battle with Comcast over a $10 billion racism claim, Byron finally settled out of court in 2020. After reaching a confidential settlement in February 2021, he dropped his suit. A three-channel cable deal was also reached as part of the settlement agreement.

Allen alleged that Comcast’s refusal to carry its channels was based on racial bias. Comcast appealed the case to the Supreme Court, which resulted in a Supreme Court appearance. Three times in district court, Allen’s suit had been dismissed.

Resistance or unwillingness by AT&T and Charter Communications to offer African American-owned channels is cited as a reason for Byron’s comparable lawsuits against the two companies.

Television Network Earnings

A year after launching six 24-hour HD networks simultaneously in 2009, Allen became the first television entrepreneur to own and operate a portfolio of six networks. Pets.TV, Comedy.TV, Recipe.TV, Cars.TV, ES.TV and MyDestination.TV are among the six networks represented.

More than 30 nationally syndicated programs are produced by Byron’s companies today, generating more than $100 million in revenue annually, according to “The Hollywood Reporter.”

Acquisitions

For $300 million, Byron Allen’s company acquired The Weather Channel in 2018. The deal included the cable TV network, but not online assets like Weather.com and its associated apps, which IBM had purchased earlier.

AMG will acquire an ABC affiliate in Honolulu for $30 million in 2020, according to a 2020 announcement. There is also a Washington, DC-based news channel in the affiliate’s portfolio that covers all of Hawaii’s main islands. as well as MeTV and Start TV.

It acquired 11 television stations carried by USA Television earlier this year as part of a deal. A deal worth approximately $300 million was struck in this transaction. The Sinclair Broadcast Group and Allen partnered with Walt Disney/Fox in 2020 to buy no less than 21 regional sports networks. 10.6 billion dollars were paid during this sale.

Additionally, Bayou City Broadcasting, which has four stations in states including Louisiana and Indiana, was purchased during this period.

Approximately $165 million was involved in this transaction. Despite Allen’s offer of $8.5 billion in cash, Tegna, a major broadcaster, rebuffed the offer. in network affiliates over the past year or so, according to a 2020 announcement from Byron As a result, Allen said he intends to spend around $10 billion over the next few years to invest aggressive in acquisitions and become the largest broadcaster in the country.

The real estate market

Allen bought a $22.8 million beachfront mansion in Maui in 2018, according to reports at the time. With 130 feet of beach frontage, the property sits on a three-quarter acre block of land in upscale Kihei. The 7,300 square foot home, which was built in 2015, has five bedrooms and five bathrooms. In the facade, coral stone is used, while inside, mahogany is used.

Notable features include an elevator, a 500-bottle wine cellar, an outdoor hot tub, and 1,700 square feet of verandas for enjoying the outdoors. There is also a swimming pool and a three-car garage on the property. It was estimated to be one of the costliest real estate deals in Maui’s history.

Bryon bought a $20 million property in Beverly Hills in 2019 to expand his real estate portfolio. Each of the eight bedrooms in the house has its own private bathroom. The home sits on just over a third of an acre of property in the Beverly Hills Flats area.

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A smaller Hollywood Hills property had already been purchased by Allen prior to this purchase. The Birds Street neighborhood includes a house that once belonged to Fred Durst of Limp Bizkit.

At 220 Central Park South in Manhattan, the media mogul paid $26.75 million for a 3,000 square foot apartment. One of New York’s most expensive apartment complexes, the condo has three bedrooms and is located in the heart of Manhattan.

Allen spent $27 million on a mansion in Aspen, Colorado in 2020. A successful Mexican entrepreneur once owned the home, which has 9,000 square feet of living space. Byron was able to purchase the property for significantly less than the seller had originally asked, although the property was marketed for up to $35 million.

The house’s outdoor pool, glass walls, and second-story terrace offer spectacular views of the surrounding mountains.