A popular black news site TheGrio has been bought by a billionaire television producer.
Entertainment Studios Inc. chairman and chief executive officer Byron Allen announced the acquiring of the New York-based digital news platform yesterday (Jun 15).
“We are excited to have TheGrio join Byron Allen’s ever-expanding Entertainment Studios media empire,” the news site’s co-founder and executive editor David Wilson said.
“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.”
On his new assets, Byron said: “David Wilson and his founding partner Dan Woolsey have done an incredible job these past seven years building TheGrio, and we are one thousand percent committed to continue expanding this digital news community’s reach across all global media platforms, including our broadcast television syndication programs, cable television networks, and motion picture division.”
He added: “We plan on investing heavily in digital publishing, and TheGrio has an excellent management team, making it the perfect asset to start our portfolio of online publishing.”
The news comes the same week Ebony magazine announced its own acquisition by a black-owned, Texas-based private equity firm, the Clear View group.