Allen Media Group (AMG) CEO Byron Allen has long been a formidable presence in the entertainment industry, but his recent legal victory against McDonald’s has thrust him into the spotlight once again. Thanks to the settlement, Allen’s already considerable wealth is sure to reach new heights. The media mogul previously filed a discrimination lawsuit against McDonald’s for $10 billion. While the final numbers of the settlement aren’t public, they could be substantial. Given the stakes, the settlement is sure to increase Byron Allen’s net worth even more.
For some people, this lawsuit may have been the first time they’ve heard of Byron Allen. If so, they’re likely wondering how he amassed enough wealth, influence and capital to sue one of the most recognizable brands in the world. However, his journey from stand-up comedian to billionaire media mogul is a testament to his entrepreneurial spirit and determination. Born in Detroit in 1961, Allen moved to Los Angeles at a young age and began performing stand-up comedy at just 14 years old. In 1993, the multi-talent founded Entertainment Studios, which later became Allen Media Group. To learn more about Byron Allen’s net worth and how he built it over the decades, read ahead.
What Does Byron Allen Own?
Byron Allen is known for his work as a comedian and television host. But his greatest success is perhaps being the founder, chairman and CEO of Allen Media Group. The Los Angeles-based entertainment company produces and distributes television programs to nearly 300 million subscribers. The company broadcasts content, often made with a Black audience in mind, worldwide to countries ranging from Canada to Australia and the United Arab Emirates. Notable programs created and distributed by Allen Media Group include “Funny You Should Ask,” “Mathis Court with Judge Mathis,” “Comics Unleashed” and “World’s Funniest Weather.”
While some of Allen’s earlier attempts at business resulted in bankruptcy, he later found success with low-cost programming. In the 2010s, after building out the company further, Allen was able to start acquiring other properties, including The Weather Channel for $300 million, according to Broadcasting + Cable.
The media executive rebranded his company to its current Allen Media Group. AMG operates “33 ABC-NBC-CBS-FOX network affiliate broadcast television stations in 27 U.S. markets,” in 2019. In 2022, AMG debuted HBCUGO, HBCU SPORTS NETWORK and TheGrio, according to the company’s website. To date, AMG has offices in Los Angeles, New York, Atlanta, Chicago and Charleston. It’s also worth noting that Allen attempted to buy BET from Paramount for a reported $14.3 billion in 2024, but his bid wasn’t accepted.
Why Did The Media Mogul Sue McDonald’s?
Byron Allen has gained headlines lately because he filed a lawsuit against McDonald’s in 2021 for $10 billion.The suit has recently settled out of court, so it’s worth exploring the circumstances that led up to it.
For starters, Allen’s lawsuit claimed that McDonald’s was using a separate budget to advertise with Black-owned media partners. He felt that McDonald’s was deliberately using fewer resources for “the African American tier” of media companies. “We are pleased to find a resolution that maintains our business relationship,” Allen said in a statement, according to Variety. “Many of our preconceptions have been clarified, and we acknowledge McDonald’s commitment to investing in Black-owned media and increasing access to opportunity.”
At this point, Allen has a history of legal victories against major corporations. In 2020, he reached a settlement with Comcast after he had already reached separate settlements with DirecTV and Charter Communications.
How Much Did He Pay For His House?
In 2022, Allen was the first Black homebuyer in the United States to ever purchase a home for $100 million. According to The Hollywood Reporter, the home is located in Malibu’s Paradise Cove neighborhood. The Mediterranean-style property comes with eight bedrooms, 12 bathrooms, a tennis court, a movie theater and two guest houses. The property sits on 3.6 acres of land next to a beach. Public Storage heiress and billionaire Tammy Hughes Gustavson previously owned the property.
Los Angeles magazine reports that while this acquisition is a shining star on Allen’s real estate portfolio, he also owns homes in Maui, Aspen, New York and Beverly Hills. He’d even purchased two side-by-side homes in Beverly Hills from eBay president Jeff Skoll earlier that same year. This only added to a home he bought in the same area in 2012 for $17 million.
How Much Is Byron Allen Worth?
According to Celebrity Net Worth, personal investments suggest that Byron Allen’s net worth is at least $1 billion. This number could very well change depending on how much he won in his private settlement with McDonald’s. On top of that, estimates claimed that Allen Media Group was worth $4.5 billion in 2022. However, Allen has been exploring offers to sell off properties to help relieve the debt that the company has taken on.
The 28 local television stations AMG is considering selling are operating in 21 U.S. markets, including Tupelo, MS; Honolulu, HI; Flint, MI; and Tucson, AZ and are affiliated with ABC, NBC, CBS and FOX, according to The Hollywood Reporter. AMG has hired Moelis 7 Company to manage the sale.
“Six years ago, Allen Media Group began the process of investing over one billion dollars to acquire big four network-affiliated television stations,” Allen said. “We have received numerous inquiries and written offers for most of our television stations and now is the time to explore getting a return on this phenomenal investment. We are going to use this opportunity to take a serious look at the offers, and the sale proceeds will be used to significantly reduce our debt.”
Due to the debt AMG has accrued, it has had several rounds of job cuts in recent years. The company says the changes will help prepare for the changing landscape of entertainment.
Frequently Asked Questions
Who is billionaire Byron Allen’s wife?
Byron Allen married Jennifer Lucas in 2007. She’s professionally a writer and producer.
Who owns Allen Media Group now?
Byron is the founder and owner of Allen Media Group, which he founded as CF Entertainment in 1993.
