The company offered a majority stake in the brand in March 2023.
Hair was president of the now-defunct Black News Channel.
The film has been greenlit by Byron Allen’s Allen Media Group Motion Pictures.
The series titled ‘Justice for the People With Judge Milian’ launches in the fall.
‘The People’s Court’ and ‘Judge Mathis’ were both canceled last week.
The veteran journalist will also remain in her role as a political analyst for CNN.
As part of the deal, Allen will acquire the digital cable networks — MeTV, Hawaii TV, Start TV and Heroes & Icons.
Financial terms of the settlement were not disclosed, but both sides said they were pleased.
The “Feeding America Comedy Festival” will feature Kevin Hart, Eddie Murphy, Tiffany Haddish and more.
“I said, ‘Hey, let’s do the Feeding America Comedy Festival,’” Allen recalled.