The mogul, whose Allen Media Group owns The Weather Channel, a production company, local TV stations and streaming platforms, is buying a significant stake in the premium pay-tv brand Starz.
Allen has acquired a 10.7 percent stake in Starz through his investment firm and family office Allen Family Capital. According to a filing with the Securities and Exchange Commission, Allen is paying $25 million for the stake, acquiring it from the investment fund Liberty 77, led by former Treasury Secretary Steven Mnuchin.
Starz, of course, was spun out from Lionsgate last year. Mnuchin had been a major investor in that company, and joined Lionsgate’s board earlier this year. His interest, however, seems to be on the studio, not in the pay-tv and streaming business that Starz is in, hence the sale.
Allen, however, remains a big believer in the TV business, as the rest of his holdings underscore.
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