Byron Allen net worth: How much is he worth?

Byron Allen net worth: How much is he worth?

Byron Allen’s net worth is estimated at around $900 million. He is popularly known as an American businessman, film and television producer, and comedian. He is also the founder of the U.S. media company Entertainment Studios, which has interests in television production, broadcasting, film production, and digital media.

Byron Allen Biography

Allen was born and raised in Detroit until 1968 when he went to Los Angeles with his mother following her divorce. His interest in show business began as a toddler, when he accompanied his mother, Carolyn Folks, to NBC Studios in Burbank.

Allen created his first stand-up performance at the age of 14 and began performing on amateur nights at comedy clubs around Los Angeles. Allen graduated from Fairfax High School in Los Angeles and went to the University of Southern California for college.

Allen made his television debut on The Tonight Show Starring Johnny Carson in 1979, at the age of 18, being the youngest comic ever to do so. He utilized the performance to learn more about the television profession.

Following his debut on The Tonight Show, NBC hired Allen as a correspondent for the series Real People, his first stint on a network prime-time show.

Byron Allen Offering $14 Billion For Paramount

Byron Allen, the media billionaire bidding $14 billion for Paramount Global, told CNBC on Wednesday that he has the funds to complete the transaction, despite criticism about his deal-making abilities.

“We have more than enough capital available to us. The real challenge is the certainty of close,” Allen said.

“This deal lives or dies at the [Federal Communications Commission],” he added.

Allen, the founder and CEO of a media conglomerate that controls dozens of television networks across the United States, made a $30 billion bid for all of Paramount’s outstanding shares, including debt and stock.

The Allen Media Group said in a statement that the offer “is the best solution for all of the Paramount Global shareholders, and the bid should be taken seriously and pursued.”

Allen has a lengthy history of making offers on big media properties. However, bidding does not equate to buying.

His latest media takeover proposals have failed to result in sales. According to the Wall Street Journal, Allen made an unsuccessful $18.5 billion bid for Paramount last year.

Byron Allen’s net worth: How much is he worth?

Allen’s current net worth is estimated at around $900 million. In 2009, he became the first television entrepreneur to own and launch a portfolio of six 24-hour HD television networks simultaneously. The six networks include Pets.TV, Comedy.TV, Recipe.TV, Cars.TV, ES.TV, and MyDestination.TV. Today, Byron’s companies produce more than 30 nationally syndicated programs that (according to “The Hollywood Reporter”) bring in more than $100 million in revenue each year.

In 2018, Byron Allen paid $ 22.8 million for oceanfront estate in Maui. Further, in 2020, it was announced that AMG was acquiring an ABC affiliate in Honolulu for $30 million. The Hawaii-based affiliate covers all of the main islands, and it also has a portfolio that includes MeTV, Start TV, Heroes & Icons, and a Washington, D.C.-based news network. Earlier in the year, he closed a deal that included the acquisition of 11 broadcast television stations from USA Television. This deal was worth more than $300 million. Also, in 2020, Allen partnered with the Sinclair Broadcast Group to acquire no fewer than 21 regional sports networks from Walt Disney/Fox. This deal was worth an astounding $10.6 billion.

 

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