Byron Allen makes a bid for ABC Television
Media mogul Byron Allen, founder and CEO Allen Media Group and Entertainment Studios, has bid $10 billion to buy Walt Disney’s ABC television network, a spokesperson for Allen said on Friday, according to various media reports.
A Disney spokesperson said that the company was “open to considering strategic options for its linear business.” The company has not decided yet on selling ABC or any other property.
The discussions come after Disney CEO Bob Iger said in July that the company could sell some of its traditional TV assets, which struggled for years because of the rise of streaming services.
ABC comprises a national TV network and eight regional stations. It has affiliation agreements with about 240 local television stations reaching almost all U.S. television households.
In 1993, Allen founded the Los Angeles, California-based Entertainment Studios, a division of the Allen Media Group, a global media company. Allen’s enterprise has grown over the years, expanding to encompass offices in New York, Chicago, Atlanta, and Raleigh. The company also owns the Weather Channel.