Byron Allen is already torn. The night is young, the party just beginning to bounce to remixed classic funk and soul. In a shiny black tux and shaved head, the charismatic 61-year-old is in Washington, D.C., on the edge of the night’s red carpet (beige,...

Byron Allen’s Allen Media Group is buying the Black News Channel, with plans to revive the bankrupt cable news outlet and significantly grow its distribution footprint. Allen’s company is acquiring “substantially all” of BNC’s assets for $11 million, with a bankruptcy court in Tallahassee, Florida, formally...