TV producer Byron Allen attends the premiere of Freestyle Releasing’s Meet the Blacks at ArcLight Hollywood in Los Angeles on March 29, 2016.
Leon Bennett/FilmMagic/Getty Images

Big changes are coming to the African-American news-media space: On Tuesday, Byron Allen's Entertainment Studios announced its acquisition of TheGrio, an online news website that focus primarily on black readers, The Wrap reports.

“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,” Byron Allen—the founder, chairman and CEO of Entertainment Studios, a television company—told The Wrap in a statement. “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.”

Advertisement

“We are excited to have TheGrio join Byron Allen’s ever-expanding Entertainment Studios media empire,” David Wilson, co-founder and executive editor of TheGrio, added. “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.”

The news comes the same day Ebony magazine announced its own acquisition by a black-owned, Texas-based private equity firm, the Clear View group.

Read more at The Wrap