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Allen Media Group Eyes $11M Purchase of Black News Channel

Allen Media Group has emerged as the leading candidate to purchase Black News Channel for $11 million.

Eduardo Razo

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This year, the Black News Channel ceased operations after Shad Khan, a majority stakeholder in the company, was no longer willing to invest further. 

Now it seems the network could have a new owner. Cable Fax reports that Byron Allen’s Allen Media Group has emerged as the leading candidate to purchase Black News Channel for $11 million. 

Allen Media Group and Ebony Studios have vigorously sought to purchase BNC assets since the early stages of the sale process.

“The Debtor and its advisors have spent the last several weeks engaging in robust discussions and negotiations with Ebony Studios, ESN, and other potentially interested parties, regarding their submission of bids for the Debtor’s business and assets generally, and the Debtor’s potential designation of a Stalking Horse Bidder,” the filing said. 

“Those hard-fought negotiations have led the Debtor to a positive point in this Chapter 11 Case: the Debtor now has a Stalking Horse APA in hand that represents a great outcome for the Debtor, its estate, and all of its stakeholders, and is optimistic that additional Qualified Bids will be forthcoming that may improve upon the terms of the Stalking Horse APA.”

A purchase by AMG could mean new life for a network on its way to becoming defunct. Black News Channel announced it would be discontinuing operations on March 25, soon after celebrating its second anniversary in February.

News Television

Chris Wallace: Democrats Would Like Another Nominee in 2024

Wallace said Democrats don’t want Biden to run again in 2024 because of his age. 

Ryan Hedrick

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Chris Wallace joined CNN’s “At This Hour” to discuss a New York Times article suggesting that President Joe Biden shouldn’t run again. 

According to a transcript published on Breitbart, Wallace said Democrats don’t want Biden to run again in 2024 because of his age. 

“I think 75%of Democrats say they would like to see another Democratic nominee for president in 2024,” said Biden. 

Wallace said he’s witnessed farewells plenty of times, especially in the media, which he referred to as the gold watch sent off. 

“Look; obviously, the success after a lot of stalemate, the success of the last month or so by Joe Biden is impressive, and it will change the narrative,” Wallace said. “We will be talking about everything he has accomplished.” 

‘You know what, I’m excited by the idea of a guy who on next inauguration day would be 82 running for election again,’ I’m not so sure about that,” he added.

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News Television

News Media Reacts to FBI Searching Donald Trump’s Mar-a-Lago Resort

CNN reports that the former President corroborated the information that FBI agents were at Mar-a-Lago and stated, “they even broke into my safe.”

Eduardo Razo

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On Monday, news broke that the FBI executed a search warrant at former U.S. President Donald Trump’s Mar-a-Lago resort in Palm Beach, Florida. 

The search warrant is part of the inquiry into the handling of presidential documents, including classified documents, that Trump may have been brought there. 

CNN reports that the former President corroborated the information that FBI agents were at Mar-a-Lago and stated, “they even broke into my safe.” He was at Trump Tower in New York when the search warrant occurred in Florida. 

There’s plenty of reaction from both sides of the news media aisle, here’s what some had to say: 

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News Television

John Oliver Takes Dig at Parent Owner Warner Bros. Discovery

Warner Bros. Discovery CEO David Zaslav was also a leading force in canceling CNN’s venture into the streaming wars

Eduardo Razo

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Warner Bros. Discovery has made recent headlines for its decisions regarding HBO Max and canceling in-production films, including DC’s “Batgirl,” to get future tax write-offs.

During a segment discussing Monkeypox on Sunday, HBO’s “Last Week Tonight” host John Oliver decided to take a shot at their new parent company for its recent decisions.

“We let the vaccine sit unused on a shelf in our reserves like an expired Chobani or a $90 million movie on HBO Max,” Oliver said, referring to the “Batgirl” film. 

“By the way, hi there, new business daddy! Seems like you’re doing a really great job. I do get the vague sense that you’re burning down my network for the insurance money, but I’m sure that will all pass.”

Warner Bros. Discovery CEO David Zaslav was also a leading force in canceling CNN’s venture into the streaming wars, pulling the plug on CNN+ less than a month after the service launched. 

“On CNN+, there was no message it was a business decision,” Zaslav told CNBC in May. “We looked at it and we looked at the data, the number of users they had spent an enormous amount of money trying to sell an independent product. 

“The subscribers weren’t there, the users weren’t there. We looked at it together. We had a chance to look at all the data and when we looked at the data, it was, the business wasn’t there.”

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