Current:Home > MarketsMedia mogul Byron Allen offers Disney $10 billion for ABC, cable TV channels -Quantum Capital Pro
Media mogul Byron Allen offers Disney $10 billion for ABC, cable TV channels
View
Date:2025-04-15 19:18:57
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! (53483)
Related
- Retirement planning: 3 crucial moves everyone should make before 2025
- State Department report on chaotic Afghan withdrawal details planning and communications failures
- When do student loan payments resume? Here's what today's Supreme Court ruling means for the repayment pause.
- Brooklyn Startup Tackles Global Health with a Cleaner Stove
- Tree trimmer dead after getting caught in wood chipper at Florida town hall
- The Warming Climates of the Arctic and the Tropics Squeeze the Mid-latitudes, Where Most People Live
- Father’s Day Gifts From Miko That Will Make Dad Feel the Opposite of the Way He Does in Traffic
- PPP loans cost nearly double what Biden's student debt forgiveness would have. Here's how the programs compare.
- The city of Chicago is ordered to pay nearly $80M for a police chase that killed a 10
- War on NOAA? A Climate Denier’s Arrival Raises Fears the Agency’s Climate Mission Is Under Attack
Ranking
- Average rate on 30
- South Dakota Backs Off Harsh New Protest Law and ‘Riot-Boosting’ Penalties
- Transcript: University of California president Michael Drake on Face the Nation, July 2, 2023
- Indiana Supreme Court ruled near-total abortion ban can take effect
- Apple iOS 18.2: What to know about top features, including Genmoji, AI updates
- Transcript: Former Attorney General Eric Holder on Face the Nation, July 2, 2023
- Vanessa and Nick Lachey Taking Much Needed Family Time With Their 3 Kids
- Women face age bias at work no matter how old they are: No right age
Recommendation
A White House order claims to end 'censorship.' What does that mean?
An Android update is causing thousands of false calls to 911, Minnesota says
Ice Storm Aftermath: More Climate Extremes Ahead for Galveston
Hunter Biden attorney accuses House GOP lawmakers of trying to derail plea agreement
Justice Department, Louisville reach deal after probe prompted by Breonna Taylor killing
Sparring Over a ‘Tiny Little Fish,’ a Legendary Biologist Calls President Trump ‘an Ignorant Bully’
Nobel-Winning Economist to Testify in Children’s Climate Lawsuit
Helping endangered sea turtles, by air