Stephen Colbert's Replacement Byron Allen Has an Impressive Net Worth — Is He a Billionaire?
Byron attempted to purchase BET from Paramount for $3.5 billion in 2023.
Updated May 8 2026, 4:02 p.m. ET
Everyone is talking about media mogul Byron Allen after learning that his show, Comics Unleashed, was moving into the timeslot of the canceled The Late Show with Stephen Colbert.
The chatter has people wondering about Byron's net worth, and it's pretty impressive. Byron founded the Allen Media Group in 1993, and the company has launched eight 24-hour HD television networks that serve almost 300 million subscribers.
AMG is the first Black-owned multi-platform media brand, and it also owns the Weather Channel and 33 broadcast television station affiliates with networks ABC, NBC, CBS, and FOX.
Byron partnered with Sinclair Broadcast Group in 2019 to acquire 21 Regional Sports Networks from Walt Disney/FOX Corporation for $10.6 billion, and AMG also acquired USA Television in 2020.
In 2022, Byron took the Black News Channel and rebranded it TheGRIO cable network, which currently serves 66 million news subscribers.
So, how much is he worth today?
Byron Allen has an Impressive net worth — and is officially a billionaire.
Byron has a very nice net worth of approximately $1 billion, per Celebrity Net Worth. Born in Detroit, Mich., his family later moved to California, and his mother, who was a publicist, worked at NBC studios in Burbank — home of The Tonight Show Starring Johnny Carson.
Byron grew up on the sound stages of the studios and sat behind Johnny's desk as a child. He became interested in comedy as a teenager and performed stand-up comedy around town.
Byron Allen
Founder and CEP of Allen Media Group
Net worth: $ 1 billion
Byron Allen is an American businessman, film and television producer, and comedian. He is the founder of the American media company Allen Media Group.
Birthdate: April 22, 1961
Birthplace: Detroit, Michigan
Education: University of Southern California
Married: Jennifer Lucas
Children: 3
Good Times star Jimmie Walker saw him perform and made him one of his comedy writers when he was just 14. David Letterman and Jay Leno were also on the writing team, and when Byron was only 18, he became the youngest comedian to perform on The Tonight Show Starring Johnny Carson, per The Hollywood Reporter.
The appearance led to him hosting Real People on NBC, and in 1993, he formed AMG Entertainment Studios with his mom, and the network's first show was Entertainers with Byron Allen.
He married TV producer Jennifer Lucas in 2007, and they had three children — Chloe, Olivia, and Lucas.
Stephen Colbert supports Byron Allen taking over his CBS timeslot.
Stephen reacted after learning that Byron was getting his timeslot following the cancellation of The Late Show with Stephen Colbert.
"God bless him. I know Byron," said Stephen. "We got to know each other last year, actually. He’s fascinating. You know his history with Carson? Anyway, when I found out, I wrote him the next morning, and I said, 'Hey, congrats. I heard you got the time. Good for you. Wouldn’t it be lovely if you could drop Mr. Carson a note?'"
Stephen reacted after learning that Byron was getting his timeslot following the cancellation of The Late Show with Stephen Colbert.
"God bless him. I know Byron," said Stephen. "We got to know each other last year, actually. He’s fascinating. You know his history with Carson? Anyway, when I found out, I wrote him the next morning, and I said, 'Hey, congrats. I heard you got the time. Good for you. Wouldn’t it be lovely if you could drop Mr. Carson a note?'"
The media mogul also has several real estate properties in New York, California, Hawaii, and Colorado.
Byron also attempted to purchase BET from Paramount for $3.5 billion in 2023, and in 2024, he attempted to buy Paramount for $14 billion.
However, he was not successful...at least not yet.