How Byron Allen Became One Of The Wealthiest Black Men In ...

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EntrepreneurshipBernadette Giacomazzo

Aug 24, 2021

Updated Aug 24, 2021

3 min

How Byron Allen Became One Of The Wealthiest Black Men In Entertainment Today

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Byron Allen is one of the wealthiest Black men in entertainment today. Despite his multi-million dollar empire, however, he keeps a low profile and maintains a wholesome image. What’s his secret to success?

His revenue model is simple, according to The Hollywood Reporter. Unlike most production companies, which charge networks huge fees to license their shows, Allen allows each network to license his shows for free. In exchange for this, Allen keeps the right to sell 50 percent of the advertising directly, which puts a larger chunk of money in his pocket.

And because Byron Allen knows firsthand what advertisers will and won’t spend money on, he’s in a unique position to hold them accountable. In 2020, Allen wrapped up a lawsuit against Comcast, whom he accused of racial discrimination.Under the settlement, Allen achieved carriage agreements for three of his cable channels, according to Variety. He has also filed similar suits against AT&T and Charter Communications. Recently, too, Allen served McDonald’s with a $10 billion lawsuit, again alleging racial discrimination in their ad spending practices.

With such a unique position in Hollywood, it’s safe to say that Byron Allen has made his mark. Let’s take a look at his net worth, the nature of the companies he owns, and learn a little bit about his private life.

Editorial Note: The net worth reported in this piece is a speculative estimate from various online sources.

What Is Byron Allen's Net Worth?

According to Celebrity Net Worth, Byron Allen has a net worth of $450 million. Most of his net worth comes from his vast media empire, and the outlet reports that he is “one of the most under-the-radar, extremely successful people in Hollywood.”

His biggest acquisitions include the acquisition of The Weather Channel for $300 million in 2018, and the purchase of Bayou City Broadcasting for $165 million.

Allen also has amassed a small fortune in real estate. His first big deal came in 2018, when he bought a nearly $23 million island retreat in Hawaii. In 2019, The Wall Street Journal reported that Allen purchased a 3,000 sq. ft. condo at 220 Central Park South, one of Manhattan’s most expensive buildings. He plopped down $26.75 million for the purchase. That same year, Variety reported that Allen paid $19.9 million for a nearly-12,000 sq. ft. mansion in Beverly Hills. And in 2020, he rounded out his real estate portfolio with a $27 million purchase in Aspen, CO, according to Fox Business.

Byron Allen: Bio

Born Byron Allen Folks in Detroit, Allen would move to Los Angeles at a very young age. His mother, Carolyn Folks, was a publicist for NBC, and Allen told the Orlando Sentinel that he would often get to meet celebrities like Johnny Carson through his mother’s job.

Allen got his start in the industry at the age of 14, when he started putting together stand-up comedy routines. Eventually, he would take his stand-up routine to “The Tonight Show” with Johnny Carson as a host.

Which Companies Does Byron Allen Own?

Entertainment Studios, also known as Allen Media Group, is the main company that Byron Allen owns. As of 2017, the company owns more than $1 billion in assets.

Allen also owns The Weather Channel, which he acquired from NBCUniversal and Bain Capital. He also operates Bally’s Sports Group through Diamond Sports Group (for which he partnered with Sinclair Broadcasting). Finally, he acquired a number of television stations from Bayou City Broadcasting, another minority-owned and operated media group.

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Is Byron Allen Married?

In 2007, Byron Allen’s marriage to Jennifer Lucas made The New York Times’ society pages. Though the outlet noted that “the bridegroom’s first marriage ended in divorce,” little is known about Allen’s first wife, and all details about her seemed to be scrubbed from the Internet.

Regardless, Lucas kept her maiden name, and today, she and Allen are still married and share three children: daughters Chloe and Olivia, and son Lucas.

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Bernadette Giacomazzo

Bernadette Giacomazzo is the SEO Manager at Blavity, Inc. She is also a NYC-based editor, writer, photographer, and publicist with a career spanning more than two decades in the entertainment industry. Her work has been featured in People, Teen Vogue, BET, HipHopDX, XXL Magazine, The Source, Vibe, The Los Angeles Times, and more. Giacomazzo is also the author of The Uprising Series and is the CEO of G-Force Marketing & Publicity, which has been featured in The Hollywood Reporter and has obtained film, television, radio, and print placements for blue-chip clients all over the world. She will release "In Living Color: A Cultural History" on Rowman & Littlefield Press in February 2023, and "The Golden Girls: A Cultural History" on Rowman & Littlefield Press in August 2023.

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