Comedian-turned-entrepreneur Byron Allen has purchased the Weather Channel for a rumored $300 million, the company announced Thursday.

The purchase was made by Allen's Entertainment Studios Inc.

'The Weather Channel is one of the most trusted and extremely important cable networks, with information vitally important to the safety and protection of our lives,' Allen said in a statement.

Allen said the Weather Channel provides information 'to protect our families and our lives'

The Weather Channel is available in more than 80 million North American homes

Byron Allen's Entertainment Studios, Inc. is one of the largest independent producers and distributors of film and television in the U.S.

He said the purchase of the Weather Group was completed Thursday morning. 'We're just going to invest more to position it for greater success.' he said.

'We welcome the Weather Channel, which has been seen in American households for nearly four decades, to our cable television networks division.

'The acquisition of the Weather Channel is strategic, as we begin our process of investing billions of dollars over the next five years to acquire some of the best media assets around the world.'

Allen said he wanted to invest more in the Weather Channel, expanding both its international and local distribution

Allen called the Weather Channel 'an American treasure' that he intends to expand

The stand-up comedian founded Entertainment Studios in 1993, nydailynews.com reported.

In 2009, he launched six 24-hour networks: Pets.TV, Comedy.TV, Recipe.TV, Cars.TV, ES.TV and MyDestination.TV.

The production company has also released movies including thriller '47 Meters Down, Christian Bale's 'Hostiles' and the Ted Kennedy biopic 'Chappaquiddick.'

The Weather Channel, meanwhile, began airing in 1982 and includes shows such as 'Hurricane 360' and 'So You Think You'd Survive?'

'Snowstorms, rain, mudslides, our lives and our families' safety depend on this info,' Allen said.

'When a big storm happens, it's the Super Bowl of weather.'

Meteorologist Jim Cantore is among the familiar faces at the basic cable channel that's available in more than 80 million North American homes.

In a statement, Weather Channel CEO Dave Shull said Allen's ownership will benefit its viewers, distributors and advertisers.