Byron Allen’s Entertainment Studios Secures $500 Million In Credit Facilities
Byron Allen’s Entertainment Studios, Inc., (www.entertainmentstudios.com) one of the largest independent producers and distributors of film and television, with 41 television shows on the air, and owner of eight 24-hour HD television networks — including the recently-purchased The Weather Channel for a reported $300 million — proudly announces credit facilities for all corporate holdings and enterprises.
The $500 million in credit facilities will be used for general business purposes, production, co-productions, and the acquisition of other corporations. The credit facilities were organized by Deutsche Bank Securities, Inc., Jefferies Financial Group, Brightwood Capital Advisors, and Comerica Bank. The loan was syndicated to a large group of lenders, who collectively manage over $500 billion.
“As we celebrate our 25th anniversary, this additional capital positions us for further investments and acquisitions,” said Byron Allen, Founder/Chairman/CEO of Allen Media LLC, the parent company of Entertainment Studios, Inc. “More importantly, this group of lenders have provided us with the financial backing and capacity to increase the credit line and make large-scale acquisitions, which is a major part of our strategy going forward.”
Allen’s Entertainment Studios divisions–with approximately 650 employees–now include: broadcast television syndication, production, and distribution of more than 41 television programs, eight television networks, theatrical motion picture production, acquisition and worldwide-release distribution, digital movie acquisition and distribution, OTT platforms, and global news publishing – making Entertainment Studios one of the largest privately-held media and technology companies in the world. Entertainment Studios is one hundred percent owned by Byron Allen, who started the company from his dining room table 25 years ago.
About Entertainment Studios / Allen Media LLC
Chairman and CEO Byron Allen founded Entertainment Studios in 1993. Headquartered in Los Angeles, it has offices in New York, Chicago, Atlanta, Denver, and Raleigh. Entertainment Studios owns eight 24-hour HD television networks serving nearly 160 million subscribers: THE WEATHER CHANNEL, PETS.TV, COMEDY.TV, RECIPE.TV, CARS.TV, ES.TV, MYDESTINATION.TV, and JUSTICE CENTRAL.TV. The company also produces, distributes, and sells advertising for 41 television programs, making it one of the largest independent producers/distributors of first-run syndicated television programming for broadcast television stations. With a library of over 5,000 hours of owned content across multiple genres, Entertainment Studios provides video content to broadcast television stations, cable television networks, mobile devices, multimedia platforms, and the World Wide Web. Our mission is to provide excellent programming to our viewers, online users, and Fortune 500 advertising partners.
In 2015, Entertainment Studios purchased Freestyle Releasing, now called Entertainment Studios Motion Pictures, a full-service, theatrical motion picture distribution company specializing in wide release commercial content. ESMP released 2017’s highest-grossing independent movie, the shark thriller 47 METERS DOWN, which grossed over $44.3 million. In 2018, ESMP also released the critically-acclaimed and commercially successful Western HOSTILES and the historic mystery-thriller CHAPPAQUIDDICK. Upcoming releases include the Keanu Reeves sci-fi thriller REPLICAS, the John Krasinski/Emily Blunt-starring animated feature ANIMAL CRACKERS, and Joe Carnahan’s Mel Gibson/Naomi Watts starring action-thriller BOSS LEVEL. The digital distribution unit of Entertainment Studios Motion Pictures, Freestyle Digital Media, is a premiere multi-platform distributor with direct partnerships across all major cable, digital and streaming platforms. Capitalizing on a robust infrastructure, proven track record and a veteran sales team, Freestyle Digital Media is a true home for independent films.
About The Weather Channel / Local Now
For more than 35 years, The Weather Channel has been the leader in severe weather coverage, providing the most comprehensive analysis of any media outlet and serving as the nation’s only 24-hour source of national storm coverage. For seven years in a row, Harris Poll has ranked The Weather Channel as the “TV News Brand of the Year.” With trusted meteorologists who analyze, forecast and report the weather – its expertise is unrivaled. Engaging with fans and delivering content to feed their fascination with all things weather is paramount to the network’s mission. With the recently launched community platform, weloveweather.tv, the network created a 2-way dialogue with fans, establishing an ongoing relationship with those that have a passion for weather. Local Now is a streaming service that is changing the way Americans access information about their communities. Powered by the Weather Channel and other leading content partners, Local Now delivers real-time, hyper-local news, weather, traffic, sports, and lifestyle content. With unique technology that transmits localized information to hundreds of markets across the United States, Local Now delivers the same information seen in a 30 to 60 minute local news broadcast segment, to fit with viewers own schedules and in a fraction of the time. Local Now is available on Roku, SlingTV, YouTube TV, fuboTV, and other major OTT platforms.
In 2016, Entertainment Studios purchased TheGrio, a digital video-centric news community platform devoted to providing African-Americans with compelling stories and perspectives currently underrepresented in existing national news outlets. TheGrio features aggregated and original video packages, news articles and opinion pieces on topics that include breaking news, politics, health, business and entertainment. Originally launched in 2009, the platform was then purchased by NBC News in 2010. The digital platform remains focused on curating exciting digital content and currently has more than 20 million annual visitors.
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SOURCE Entertainment Studios, Inc.
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