Comedian and producer Byron Allen acquired the Weather Channel TV network as he looks to expand his film and TV production company into a major media business.

Allen’s Entertainment Studios Inc. bought the network from Blackstone Group, Bain Capital and Comcast Corp., according to a statement Thursday. The price was approximately $300 million, according to a person familiar with the terms who wasn’t authorized to speak publicly and asked not to be identified. That’s a fraction of what the larger company sold for a decade ago.