Private equity giants Bain Capital and Blackstone has sold off their stakes in Weather Group to Entertainment Studios.
Weather Group is the parent company of The Weather Channel and Local Now. Entertainment Studios made the investment through Allen Media.
The deal marks Allen’s latest move into live and local cable news as it looks to expand the global reach of its content.
The Weather Channel is one of the largest cable TV networks not owned by a major conglomerate, and ranks number one in weather news. During the most recent 2017 hurricane season, the channel was the number one network for live coverage during Hurricane Harvey, while one in three American households followed Hurricane Irma on the network.
Entertainment Studios CEO Byron Allen said, “The Weather Channel is one of the most trusted and extremely important cable networks, with information vitally important to the safety and protection of our lives.
“We welcome The Weather Channel, which has been seen in American households for nearly four decades, to our cable television networks division. The acquisition of The Weather Channel is strategic, as we begin our process of investing billions of dollars over the next five years to acquire some of the best media assets around the world.”
The deal comes just months after AltAssets reported that Bain had exited its holding in healthcare insurer Notre Dame Intermédica Participações through an IPO on the Sao Paulo Stock Exchange.
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