Byron Allen’s net worth has been increasing steadily ever since he gained his initial fame back in the 1980s by hosting the Candid Camera-like show, ‘Real People’ and later from his entertaining stand-up comedy routine. His estimated net worth today is a whopping $400 million making him one of the most influential television and film entertainers of our time.
Byron Allen has used his fortune to create successful sitcoms, produced award-winning feature films, and even founded his own production company, Byron Allen Entertainment. Byron proved that hard work truly pays off when he became the first Black man to acquire a multi-billion-dollar facility that includes 10 television production studios in 2020; all things contributing to his enormous wealth.
What’s Byron Allen’s net worth?
Byron Allen, an American comedian and TV producer, has a net worth $800 million. Byron Allen is most well-known as the founder of Entertainment Studios, an American broadcast network. Allen Media Group (AMG) is also owned and operated by him. He is one the most successful and under-the radar actors in Hollywood. Allen is the owner of The Weather Channel, a television network that was acquired in 2018. Allen owns 12 cable networks, and produces approximately 70 shows.
Early Life
Byron Allen Folks was a Detroit native, born April 22, 1961. He was born in Los Angeles. Allen’s fascination with show business started in his childhood when he would go along his mother to Burbank’s NBC studios as a publicist. Allen was free to roam the sound stages and would sneak onto “The Tonight Show”, sit behind Johnny Carson’s desk, and become a talk show host.
Allen created a stand-up routine and started performing at comedy clubs in Los Angeles. Jimmie Walker, a comedian and comedian, saw Allen’s stand up act and invited him to join his comedy writing team with Jay Leno (14 years old) and David Letterman (14 year old). Allen, now 18, made his television debut in the “The Tonight Show Starring Johnny Carson” at age 18. Allen is the youngest standup comedian to ever perform on the show.
Career
His one-night stint on “The Tonight Show,” was so popular that Byron was offered to host a new talk program called “Real People”. He enjoyed hosting “Real People” and learned as much as possible about advertising, producing, and directing. His spare time was spent building relationships with different television stations, talking directly with advertisers, as well as getting to know everyone behind-the scenes.
Allen founded Entertainment Studios in 1993 with his mother. His first series, “Entertainers With Byron Allen”, was a weekly one-hour series that featured current television and film stars. Allen was the first TV entrepreneur to launch six 24-hour HD television networks simultaneously in 2009. These six networks include Pets.TV and Comedy.TV as well as Recipe.TV and Cars.TV. ES.TV and MyDestination.TV.
Today, Byron’s companies produce over 30 nationally syndicated shows that generate more than $100 million annually. Entertainment Studios is the world’s largest independent producer and distributor for first-run syndicated programming.
Revenue Model
Instead of charging networks huge fees to get his shows on the air, he gives them away for free. You read that right – he gives his shows away for free. In return for the content being given away, Byron has the right to sell half of the available advertising time. He then sells the ads directly. Advertisers are eager to purchase advertising time from him. He can offer lower prices and still reach 35,000,000. This is mainly due to the number of shows that he runs. Byron still owns 100% in Entertainment Studios.
Relationships
Allen was married to Jennifer Lucas, a television producer. The couple has three children together over the course of their marriage.
Comcast Lawsuit
After filing a $10 million racism claim, Byron concluded a 5-year campaign against Comcast in 2020. After a private settlement, Byron withdrew the lawsuit in February 2021. Three of his cable channels were also included in the settlement. Comcast initially refused to carry Allen’s channels. Allen claimed that this was because of racial discrimination. After Comcast appeal, the court case was finally taken to the Supreme Court. Allen’s suit was dismissed at the district court level three times before this. Byron also filed suit against AT&T, Charter Communications and Charter Communications, citing their refusal to or inability to carry channels owned by African Americans.
TV Network Revenues
Allen was the first TV entrepreneur to launch six 24-hour HD television networks simultaneously in 2009. These six networks include Pets.TV and Comedy.TV as well as Recipe.TV, Cars.TV and ES.TV. MyDestination.TV is one of the others. Today, Byron’s companies produce over 30 nationally syndicated shows that bring in more revenue than $100 million each year according to “The Hollywood Reporter”.
Acquisitions
2018 saw the announcement that Byron Allen’s company would acquire The Weather Channel for $300 Million. This deal did not include online assets such as Weather.com or its related apps, which were previously sold to IBM.
AMG announced in 2020 that it would acquire an ABC affiliate located in Honolulu. The purchase was valued at $30 million. The affiliate in Hawaii covers all the main islands and has a portfolio that also includes MeTV and Start TV as well as Heroes & Icons and a Washington, D.C.-based news network. He also closed a deal earlier in the year that included the acquisition 11 broadcast television stations of USA Television. The deal was worth over $300 million. Allen also partnered with Sinclair Broadcast Group in 2020 to acquire 21 regional sports networks of Walt Disney/Fox. The deal was valued at $10.6 billion.
Bayou City Broadcasting was also acquired, and now owns four stations in Louisiana and Indiana. The deal was valued at $165 million. Tegna, a major broadcaster, seems to be resisting Allen’s offer for $8.5 billion in an all-cash deal. In 2020, Byron stated that he had spent $500 million on network affiliates in the last year. Allen stated that he will spend approximately $10 billion over the next few year to acquire more broadcasters and to become the country’s largest broadcaster.
Byron’s company bought the Black News Channel television channel out of bankruptcy in July 2022 for $11,000,000
Real Estate
2018 was a record year for Maui’s oceanfront property. Byron Allen paid $22.8 million. The residence is located in Kihei’s affluent neighborhood. It sits on a three quarter-acre parcel of land that has 130 feet of beachfrontage. The residence was built in 2015 and features 7,300 square feet of living area and five bedrooms. The exterior is finished in coral stone, while the interior has mahogany trim. There are notable additions like an elevator, 500-bottle wine storage, an open-air spa and 1,700 square feet outdoor living space with lanais. There is also a swimming area on the property and a garage for three cars. According to reports, this real estate deal was the most expensive in Maui’s recent history.
Bryon expanded his real estate portfolio in 2019 with the acquisition of a Beverly Hills mansion worth $20 million. It boasts a total of 11,266 square feet and eight bedrooms. The Beverly Hills Flats home is located on a slightly larger plot than one-third an acre. Allen had previously purchased a smaller house in Hollywood Hills before this purchase. The Birds Street Neighborhood is home to this nearby house, which was once owned Fred Durst from Limp Bizkit.
In 2019, the broadcasting mogul also purchased a 3,000-square foot apartment at 220 Central Park South, for $26.75million. The condo is located in one of New York City’s most exclusive apartment buildings and has three bedrooms.
Allen spent $27 million on real estate in 2020. He bought an Aspen mansion worth $27 million. It boasts 9000 square feet of living space and was once owned by a successful Mexican woman. The original listing for the property was for $35 million. However, Byron was able to purchase it at a lower price due to continuous price reductions. It boasts stunning views of the surrounding mountains and an outdoor pool with walls of glass and a second-story terrace.
In October 2022, Byron purchased a Malibu mansion on a clifftop measuring 3.6 acres for $100 million. It includes a 11,000-square-foot main home, 8 bedrooms, 12 bathrooms, and several guest and staff housing. Original listing was in May 2021 at $127.5 million. Public Storage billionaires Eric Gustavson and Tammy Hughes Gustavson were the sellers. Bradley Hughes, Tammy’s father, was the original purchaser of the property. He founded Public Storage in 2003.