With a big offer to acquire Disney’s ABC television network and properties such as FX and National Geographic cable networks, Byron Allen is trying to extend his corporate portfolio.
According to CBS News, the media mogul has offered $10 billion for the acquisition. According to a source familiar with the situation, the offer is “preliminary” and “could change” at any time. The acquisition is valued at $1.2 billion in earnings before taxes, interest, depreciation, and amortization, according to the platform.
The agreement, which was confirmed by CBS MoneyWatch, includes ABC’s national television network as well as several regional stations. The bid comes after Disney CEO Bob Iger suggested in a July interview with CNBC that the corporation would sell some of its traditional television assets.
“We are expansive in our thinking about [the linear business], and we’re going to look expansively … [for] opportunities there because, clearly, it’s a business that’s going to continue to struggle,” Iger said.
Despite Allen’s mouthwatering bid, Disney said in a statement on September 14 that no decision has been made. “While we are open to considering a variety of strategic options for our linear businesses, at 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,” the statement reads.
This is not the first time the comedian-turned-businessman has attempted to buy a major television network. HowAfrica claimed in 2021 that he made a $8 billion deal for TEGNA, a media corporation with 64 stations in 51 areas across the United States.
His Entertainment Studios purchased The Weather Channel in 2018. Allen purchased the channel for $300 million from Comcast Corporation and private equity firms Blackstone Group LP and Bain Capital through his company Allen Media LLC.
Allen founded Entertainment Studios in his house in 1993. He has now established offices in Chicago, Denver, Raleigh, North Carolina, and Los Angeles. Allen controls several networks, including Pets.Comedy, television.Recipe, TV.Cars and television. TV. Allen’s ownership of numerous media platforms has elevated him to the ranks of the wealthiest African-Americans.
He recently became the first African-American to spend the most money on a home in the United States. Beyonce and Jay-Z set the previous record when they purchased a $88 million compound in Bel-Air in 2017.
The 62-year-old is said to have paid $100 million for a 10,698-square-foot property on 3.6 acres above the beach, with eight bedrooms and 12 bathrooms.