Byron Allen Wants to Invest $10B in Big 4 TV Stations
Entertainment Studios Network CEO Byron Allen wants to invest $10 billion in acquiring big four network TV and radio stations, he said during a streamed interview for the Radio Show Thursday. Allen said he has invested $500 million in network…
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TV stations over the past 18 months. Radio is “a great business” that's often “underestimated,” he said. “A lot of folks are down on local radio.” Streaming services will have “a tough time” replicating radio’s connection to local communities, Allen said. “I’m chasing Rockefeller,” he said, drawing a line from oil and steel fueling the industrial revolution to “the insatiable appetite” for content on digital platforms. Asked about racism in business, Allen said boardrooms don’t have true economic inclusion. Inequality is hurting the U.S. because the country needs all its citizens to stay afloat in the face of emerging global competition, he said: “Unfortunately, most Americans are set up to fail, especially Black Americans.” Allen wants free healthcare, free education and access to business startup capital, and he described climate change as the No. 1 threat to humanity.