Current:Home > FinanceMedia mogul Byron Allen offers Disney $10 billion for ABC, cable TV channels -WealthMindset Learning
Media mogul Byron Allen offers Disney $10 billion for ABC, cable TV channels
View
Date:2025-04-17 06:07:29
Media mogul Byron Allen has offered $10 billion to the Walt Disney Co. to purchase its ABC television network, in addition to the cable networks FX and National Geographic.
The bid, which Allen's representative confirmed to CBS MoneyWatch, would include ABC's national TV network as well as several regional stations. The offer is "preliminary" and "could change" at any time, a source with knowledge of the matter told Bloomberg.
The $10 billion figure is based on an estimation that the networks accrued $1.25 billion in earnings before interest, taxes, depreciation and amortization within the past year, the publication reported.
Disney CEO Bob Iger signaled in July that Disney was open to selling some of its television assets as consumers continue to flock to streaming networks, eclipsing traditional television and cable. Since then, the company has been in talks with potential buyers including local broadcaster Nexstar, Bloomberg reported.
Disney is facing financial pressures as its fledgling streaming business continues to lose money. The company's streaming unit has lost more than $11 billion since it debuted Disney+ in 2019, and during the most recent quarter alone it reported $512 million in losses, according to an August earnings report.
Byron Allen is the founder and CEO of Allen Media Group, a global media production and distribution company that owns the Weather Channel, along with several regional sports networks and broadcast TV stations.
Allen entered the media business in the early 1990s after a successful career as a stand-up comedian on programs like The Tonight Show and as host of the late-night talk show The Byron Allen Show, according to a bio on his company's website. In 1993, he founded CF Entertainment, later renamed Entertainment Studios, a division of AMG, which he built into a media empire worth roughly $1 billion through a series of acquisitions, according to the Hollywood Reporter.
In 2022, he tried to buy the Denver Broncos — a move that would have made him the first Black majority owner of an NFL franchise — but was ultimately outbid.
- In:
- Bob Iger
- Disney
- Disney+
- television
veryGood! (7)
Related
- Sonya Massey's father decries possible release of former deputy charged with her death
- Police arrest a 4th teen in a drive-by shooting that killed a 5-year-old Albuquerque girl
- The National Zoo in Washington, D.C., to return giant pandas to China. What you need to know.
- President Joe Biden says he will request more funding for a new coronavirus vaccine
- Kentucky Gov. Andy Beshear ready to campaign for Harris-Walz after losing out for spot on the ticket
- Spain's Luis Rubiales didn't 'do the right thing' and resign when asked. Now what, FIFA?
- Why do some police lie? Video contradicting official narrative is 'common,' experts say
- 'I don’t like the situation': 49ers GM John Lynch opens up about Nick Bosa's holdout
- The seven biggest college football quarterback competitions include Michigan, Ohio State
- Selena Gomez Celebrates Her Relationship Status in New Song Single Soon
Ranking
- New Orleans mayor’s former bodyguard making first court appearance after July indictment
- White man convicted of killing Black Muslim freed after judge orders new trial
- Bachelor in Paradise Season 9 Reveals First Look: Meet the Bachelor Nation Cast
- DoorDash to pay $1.6M to its workers for violating Seattle sick time policy
- Whoopi Goldberg is delightfully vile as Miss Hannigan in ‘Annie’ stage return
- 'Riverdale' fans slam 'quad' relationship featuring Archie Andrews and Jughead in series finale
- Ukraine aid faces a stress test as some GOP 2024 presidential candidates balk at continued support
- Spain's Jenni Hermoso says she's 'victim of assault,' entire national team refuses to play
Recommendation
Connie Chiume, South African 'Black Panther' actress, dies at 72
Andrew Hudson runs race with blurry vision after cart crash at world championships
Pakistani doctor who sought to support Islamic State terror group sentenced in Minnesota to 18 years
NFL preseason games Saturday: TV, times, matchups, streaming, more
North Carolina justices rule for restaurants in COVID
Publicist says popular game show host Bob Barker has died
Trump surrenders at Fulton County jail in Georgia election case
The National Zoo in Washington, D.C., to return giant pandas to China. What you need to know.