Media mogul and network executive Byron Allen is acquiring Black News Channel LLC out of bankruptcy for $11 million as he seeks to revive a cable news network that provided Black Americans’ perspective on current events before shutting down earlier this year.

Mr. Allen’s Allen Media Group beat out other potential purchasers, including the owner of Ebony magazine who had expressed interest in acquiring BNC out of chapter 11. Judge Karen Specie of the U.S. Bankruptcy Court in Tallahassee, Fla., approved the sale of BNC this week, according to court papers filed Wednesday.