Byron Allen Acquires Major Stake in Starz Network

Black Press Media USA

Media mogul Byron Allen is making another massive splash.

The investment arm of Allen, Allen Family Capital, has acquired a 10.7 percent stake in Starz Entertainment for $25 million. According to TheGrio, the deal was a private transaction with former U.S. Treasury Secretary Steve Mnuchin’s Liberty 77 Capital.

Starz, which is home to shows like “P-Valley” and 50 Cent’s “Power” universe, was previously under Lionsgate. Last May, the company split from Starz, allowing the premium cable network and streaming business to trade separately.

Allen acquired the stake in Starz “for investment purposes and intends to review such investment on a continuing basis. As such, Allen may, depending on Starz’s performance and other market conditions, increase or decrease the investment position,” Allen Family Capital said in its announcement.