Byron Allen, a comedian and media entrepreneur, is said to have made a $10 billion bid to the Walt Disney Company to buy ABC and local ABC member stations, as well as Disney-owned cable networks FX and National Geographic.
Bloomberg‘s report follows prior discussions of “exploratory talks” regarding selling ABC and ABC stations to Nexstar Media Group, which recently purchased a controlling share in The CW.
Allen, the CEO of Allen Media Group and Entertainment Studios, already controls ten television networks, the most prominent of which are TheGrio and The Weather Channel. Allen was among those who indicated interest in owning BET earlier this year, when Paramount Global opted against selling a controlling share in the network.
In July, Disney CEO Bob Iger raised eyebrows when he stated that the company’s linear TV business “may not be core” to its future. However, a Disney spokesperson told Deadline that, “the Walt Disney Company has made no decision with respect to the divestiture of ABC or any other property, any report to that effect is unfounded.”
Disney is also in talks with Nexstar Media Group, the country’s largest TV station owner, about selling ABC.
Allen’s offer is described as “preliminary” and based on “the assumption that the properties generated $1.25 billion in earnings before interest, taxes, depreciation, and amortization over the past 12 months.”
