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Byron Allen Acquires TheGrio

Byron Allen has just become the new owner of TheGrio.

The Entertainment Studios Inc. chairman and chief executive officer announced the acquiring of the New York-based digital news platform Wednesday.

“We are excited to have TheGrio join Byron Allen’s ever-expanding Entertainment Studios media empire,” Co-Founder and Executive Editor David A. Wilson said, according to Deadline. “Byron shares our vision of growing TheGrio into the leading video content creator and distribution platform for African-Americans. We look forward to developing the next iteration of TheGrio, and the fact that it will remain 100 percent African-American owned is very significant.”

The digital news platform had once been owned by NBC News. It was sold back to its founders, including Wilson in 2014. Entertainment Studios’ owns seven other 24-hour HD cable television networks.