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Media Tycoon Byron Allen Offers Disney US$10 BN to take Possession

Date: 2023-09-21

Media Tycoon Byron Allen Offers Disney US$10 BN to take Possession

US Magnate Byron Allen offers Disney US$10bn to take possession of the renowned television network, cable channels and Nat Geo. By Wee Yan Ling

Media mogul Byron Allen has stated a sum of US$10bn to acquire the ABC television network including its cable channels FX and National Geographic. Bloomberg reported the offer remains at preliminary stage and is susceptible to changes. 

News surfaced after Disney held exploratory talks with the local news Nexstar Media Group over the prospective sale of ABC. Disney denied having talks with the company which also owns The CW.

“All this time, The Walt Disney Company has made no decision with respect to the divestiture of ABC or any other property and any report to that effect is unfounded,” added a spokesperson from Disney. The Mouse House admitted that it is “open to consider a variety of strategic options” for its linear businesses.

Disney’s CEO Bob Igler did conduct a casual sales discussion to sell its linear assets that “may not be core” to their future.

The feisty dispute between telecommunications giant Charter helped fuel the offer Allen made earlier this month. This is due to the Disney-owned channels that went dark on Charter’s Spectrum Service, catering to almost 15 million subscribers including Los Angeles and New York. Such channels include ESPN, broadcaster ABC, Disney Channel, FX and Nat Geo.

A deal was made between Disney and Charter earlier last week however, Disney-owned linear channels such as Disney Junior, Disney XD, Freeform, FXX and Nat Geo Wild are being dropped from the spectrum package.

The founder, chairman and CEO of Allen Media Group, was one of the first to procure BET Media Group earlier this year.

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