Byron Allen, Founder and CEO of Allen Media Group, discusses his ambitious bid to acquire ABC and the challenges he's facing in the changing media landscape. He dives into the transformative role of AI in content creation and holds a deep conversation on the systemic issues faced by black-owned businesses, particularly highlighting his legal battles with McDonald's. Allen advocates for equitable investment in marginalized communities, stressing the importance of media ownership and accountability in fostering change.
Byron Allen aims to buy ABC networks due to their strong presence in local news and sports, which he believes will always be in demand.
By harnessing AI properly in the media and entertainment industry, Byron Allen believes it can contribute to building stronger, more united communities through media.
Deep dives
Byron Allen's Bid to Buy ABC Networks
In this podcast episode, Byron Allen discusses his offer to buy ABC networks and other channels from Disney. As the founder and CEO of Allen Media Group, Allen emphasizes the value of broadcast television and believes it is a great business that is often underestimated. He highlights the success of his acquisition of the Weather Channel and the importance of covering climate change and global warming in media. Allen expresses his interest in ABC and other networks due to their strong presence in local news and sports, which he believes will always be in demand. He also discusses the challenges tech companies and private equity firms face in owning and operating national news services. While the conversations with Disney are still preliminary, Allen is determined to pursue the deal and build the world's largest media company.
AI's Impact on Media and Entertainment
Byron Allen acknowledges AI as a powerful tool in the media and entertainment industry. He believes that when managed properly, AI can greatly benefit these sectors. Allen shares his positive experiences with AI, particularly in the Weather Channel and his local news app, Local Now. He explains how AI has helped curate and deliver super hyper-local news, weather, sports, and traffic to users based on their zip code. However, Allen also stresses the need to ensure that AI does not become uncontrollable or misused. He believes that AI, when properly harnessed, can contribute to building stronger, more united communities through media.
Fighting for Economic Inclusion and Equality
Byron Allen discusses his lawsuits against major corporations like Comcast and McDonald's, highlighting his commitment to closing the economic trade gap between white corporate America and black America. Allen believes in holding corporations accountable and making sure they allocate resources and advertising spend to communities that have traditionally been neglected. He shares his goal of achieving 'One America' by promoting equal justice, economic inclusion, and educational opportunities for all. Allen emphasizes the importance of fostering empathy, supporting historically black colleges and universities, and using media as a platform for social change.
The Urgency of Addressing Climate Change
Byron Allen emphasizes the urgency of addressing climate change and global warming. He discusses how he prioritizes covering climate change in the media, despite initial hesitation from some broadcasters due to political sensitivities. Allen highlights the threats posed by climate change, such as the loss of human lives and the environmental impact. He believes that adapting to climate change is crucial for the survival of humanity and stresses the need for global action to mitigate its effects. Allen expresses his confidence in humanity's ability to address climate change and create a better future.
Allen Media Group Founder, Chairman and CEO Byron Allen speaks with CNBC Correspondent Julia Boorstin at Code 2023. They discuss his bid to buy ABC, the use of AI in media, and his multiple lawsuits against McDonald's.
