Byron Allen Bids $10 Billion For ABC And Other Networks

Byron Allen Bids $10 Billion For ABC And Other Networks

Byron Allen’s Allen Media Group (AMG) is prepared to expand with a potential acquisition. According to Bloomberg, Allen made a $10 billion approach to Walt Disney Co. for the potential purchase of the ABC TV network, as well as local stations and select cable channels such as FX and National Geographic.

This idea is consistent with Disney’s strategic decision to divest non-core assets and focus on streaming services.

In response to the news, Disney issued a statement saying that they are considering strategic options for their traditional television networks. Nonetheless, no firm decisions have been made on any potential sales or deals as of yet.

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For a controlling interest in the BET Media Group, which included VH1 and BET, there were rumors that Allen was making a competitive offer. But the current owner, Paramount, decided against going through with the transaction, claiming that it wouldn’t result in a significant reduction in its debt.

AMG’s website states that Allen currently owns 36 affiliate broadcast television stations connected to ABC, NBC, CBS, and FOX, among other major networks. In the United States, these stations are dispersed among 21 markets. Furthermore, he is in charge of twelve 24-hour HDTV networks that collectively serve close to 220 million people.

Source: vibe

Byron Allen Bids $10 Billion For ABC And Other Networks