Entertainment Studios acquires Weather Channel for $300 million

Entertainment Studios, the media company owned by former comedian Byron Allen, has acquired Weather Group, the Weather Channel's parent company, the L.A. Times reports.

Why it matters: The $300 million deal is the largest in Entertainment Studio's history, per the Times. It doesn't include Weather.com as "IBM purchased those assets from NBCUniversal...in 2015." The channel's popularity has fallen as people have started turning to apps more frequently for weather news.