Byron Allen Net Worth 2022: How Is He So Rich?

American comedian and TV producer. He is well-known as the CEO of the American entertainment studio Entertainment Studios. Allen Media Group is a company he owns and runs (AMG). As one of Hollywood’s most unsung heroes, he has quietly achieved great accomplishments.

Early Life

On April 22, 1961, in Detroit, Michigan, Byron Allen Folks entered the world. He was raised in the L.A. area. Allen’s early exposure to the entertainment industry began when he accompanied his mother to her publicist job at NBC’s Burbank studios. Allen, who had free reign of the studio lots, would occasionally invade the set of “The Tonight Show” and pretend to host the show from Johnny Carson’s chair.

To try his hand at stand-up comedy, Allen put together a routine and started making appearances at amateur nights in Los Angeles comedy clubs. Incredibly, Allen’s stand-up routine impressed fellow comedian Jimmie Walker enough that he invited the then-14-year-old to join his comedy writing team alongside fellow young comics Jay Leno and David Letterman. Allen first appeared on “The Tonight Show Starring Johnny Carson” when he was 18 years old. As far as we know, Allen is the youngest stand-up comic to ever appear on the show.

Career

The success of Byron’s guest appearance on “The Tonight Show” led to an offer to co-host a new talk show, “Real People.” He took advantage of his time as a co-host on “Real People” to educate himself on the inner workings of Hollywood finance, including production, direction, and advertising. In his free time, he established connections with local TV stations, had one-on-one conversations with advertisers, and met as many people as he could in the industry.

Allen’s mom and he started Entertainment Studios together in 1993.

His debut show, “Entertainers with Byron Allen,” aired for an hour once a week and featured interviews with contemporary Hollywood actors and actresses. Allen made history in 2009 when he launched a portfolio of six 24-hour HD television networks at the same time, making him the first television entrepreneur to do so. Among the six channels available are Pets.TV, Comedy.TV, Recipe.TV, Cars.TV, ES.TV, and MyDestination.TV.

Nowadays, Byron’s businesses are responsible for more than 30 nationally syndicated shows, which bring in over $100 million annually. To this day, Entertainment Studios remains the world’s preeminent independent creator, producer, and distributor of first-run, syndicated television series.

Revenue Model

He gives his shows away for free to the networks rather than demanding exorbitant amounts for their rights to them. That’s right, zero dollars. Byron is allowed to sell half of the advertising time on the show in exchange for providing the content without charge. Since he has so many shows on at once, he is able to charge less for the ad time while still reaching 35 million viewers, which has advertisers lining up to buy space with him. Until this day, Byron has maintained full ownership of Entertainment Studios.

Byron Allen Relationship

Allen wed Jennifer Lucas, a TV producer, in 2007. They’ve had three kids during the duration of their relationship.

Comcast Lawsuit

Five years and $10 billion later, Byron will have finished his lawsuit against Comcast for racial discrimination. Following a confidential deal in February 2021, he dropped the case. The pact also resulted in carriage deals for three of his cable channels. In the beginning, Comcast had declined to air Allen’s channels, a move he assumed was motivated by racial bias.

Because of an appeal filed by Comcast, the case made it all the way to the Supreme Court. Allen has previously had three dismissals of his complaint at the district court level. Byron has also sued AT&T and Charter Communications for the same reason, claiming that the companies discriminate against black people by not carrying channels owned by black people.

Profits from TV Networks

Allen made history in 2009 when he launched a portfolio of six 24-hour HD television networks at the same time, making him the first television entrepreneur to do so. Among the six channels available are Pets.TV, Comedy.TV, Recipe.TV, Cars.TV, ES.TV, and MyDestination.TV. Currently, Byron’s businesses create over thirty nationally syndicated shows that, to “The Hollywood Reporter,” earn in excess of one hundred million dollars annually.

Acquisitions

It was reported in 2018 that Byron Allen will be paying $300 million for his company to acquire The Weather Channel. The cable TV network was part of the purchase, but online properties like Weather.com and its associated apps were not (they had already been sold to IBM).

AMG was said to have purchased a $30 million ABC station in Honolulu in 2020. The Hawaii-based station airs on all of the major islands and carries a variety of networks, including a Washington, D.C.-based news network, MeTV, Start TV, Heroes & Icons, and more. He completed a deal earlier in the year that involved the purchase of 11 broadcast TV stations from USA Television.

We’re talking about a deal that’s worth more than $300 million. Additionally, in 2020, Allen and the Sinclair Broadcast Group teamed up to purchase 21 regional sports networks from Walt Disney/Fox. The staggering value of this transaction was $10.6 billion.

The acquisition of Bayou City Broadcasting, which operates four stations in states including Louisiana and Indiana, was one of several deals to occur during this time frame. Approximately $165 million was exchanged in this agreement. Tegna, a major broadcaster, appears to be holding out since it has turned down Allen’s $8.5 billion all-cash offer. In the year 2020, Byron declared that he had put $500 million into network affiliates. Moreover, Allen has claimed that he intends to spend around $10 billion over the next few years in an effort to invest extensively in acquisitions and become the largest broadcaster in the country.

Byron’s firm paid $11 million in July 2022 to buy the bankrupt television network Black News Channel.

Real Estate

There were rumors in 2018 that Allen had spent $22.8 million on a Maui mansion with a waterfront view. The home has 130 feet of beachfront and a three-quarter acre property in the posh Kihei area. The home itself was built in 2015 and has a total of 7,300 square feet in space over five bedrooms.

The façade is finished with coral stone, while the interior is done in mahogany. There’s also an elevator, a wine cellar with 500 bottles, a spa with open air, and lanais covering 1,700 square feet. The property also features a swimming pool and a garage that can fit three cars. The real estate transaction was reportedly one of the most costly in Maui’s history.

Bryon bought a $20 million Beverly Hills residence in 2019, expanding his property holdings. There are eight bedrooms and a total of 11,266 square feet of living space in this home. A little more than a third of an acre of land is dedicated to this house in the Beverly Hills Flats area. Allen had previously purchased a modest property in the Hollywood Hills. Located in the Birds Street Area, this house was originally owned by Limp Bizkit’s Fred Durst.

The media tycoon also just spent $26.75 million on a 3,000-square-foot condominium at 220 Central Park South. The three-bedroom apartment may be found in one of New York City’s most prestigious high-rises.

Aspen, Colorado mansion for $27 million was Allen’s next real estate splurge in the year 2020. A wealthy Mexican entrepreneur once resided in this spacious home. The seller had the house advertised for as high as $35 million at one point, but after numerous price reductions, Byron was able to acquire it at a substantial discount. An outdoor pool, walls of glass, and a rooftop patio all contribute to the breathtaking panorama of the surrounding mountains that can be seen from the home.

Allen Net Worth is $500 million as of 2022.