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Listen: Media Mogul Byron Allen
Media mogul Byron Allen makes bold $10 billion bid for Disney’s ABC network and popular cable channels.
In a surprising move, media entrepreneur Byron Allen has put forth a staggering $10 billion offer to acquire Walt Disney’s ABC television network and its coveted assets, including the popular FX and National Geographic cable channels. This potentially game-changing bid comes amidst talks of Disney exploring the sale of ABC to regional TV station operator Nexstar Media.
Following Disney CEO Bob Iger’s remarks in July about the company’s readiness to divest some of its struggling traditional TV assets, Nexstar has expressed preliminary interest in acquiring ABC. However, it remains uncertain if this will result in an actual deal.
While Disney remains open to exploring strategic options for its linear business, including selling ABC or other properties, no final decision has been made. Both Nexstar and Disney have refrained from commenting on the matter.
ABC, which includes a national television network and eight regional stations, holds affiliation agreements with nearly 240 local television stations, reaching most American households. Disney’s previous acquisition of Capital Cities/ABC in 1995 for $19 billion showcases the network’s historical significance.
If successful, this groundbreaking acquisition by Byron Allen could reshape the media landscape while providing him with unparalleled influence and control over one of the industry’s most esteemed television networks.