Byron Allen makes $10B bid for Disney’s ABC and other networks
Written by B87FM on September 15, 2023
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Correction, Friday, Sept. 15, 2023, 6:47 p.m. ET: An earlier version of this story incorrectly stated that Byron Allen’s bid was $10 million. The story has been updated to reflect his $10 billion bid.
Byron Allen has made a bid for Disney. According to a Bloomberg report, the Allen Media Group CEO and media mogul has made a $10 billion offer to acquire the ABC TV Network, local stations and some cable channels.
Allen, who owns theGrio, has made his offer amid Disney’s attempts to shed some “non-core assets and focus on streaming,” per the report. In addition to the ABC TV Network, the “tentative” bid also includes “the FX and National Geographic cable channels.”
The rumblings of Disney’s potential plans to sell ABC and eight TV stations to Nexstar Media Group were first reported in Bloomberg on Thursday. The talks are described as “preliminary” in the reporting.
In a statement, Disney addressed the report, saying it “has made no decision with respect to the divestiture of ABC or any other property.” Disney CEO Bob Iger’s return to the company has signaled major shifts, with Iger suggesting he was open to divesting Disney’s linear television assets in an interview over the summer with CNBC.
The report details Allen’s bid as “preliminary and could change,” depending on the total earnings number.
In addition to theGrio, the CEO of Allen Media Group owns The Weather Channel, Local Now, and dozens of local television stations. As theGrio previously reported, Allen also expressed interest in buying a majority stake in BET earlier this year before Paramount announced it would not sell.
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