Yahoo Entertainment Byron Allen Bids $10 Billion For ABC And Other Networks
Byron Allen aims to expand his Allen Media Group (AMG) with a potential new purchase. According to Bloomberg, Allen offered $10 billion to Walt Disney Co. for the acquisition of ABC TV network, local stations, and some cable channels, including FX and National Geographic.
The offer comes as Disney looks to release non-core assets and focus on streaming.
According to the report, Disney offered a statement explaining it is considering strategic options for its traditional TV networks, however no decisions have been made regarding a sale or any deals.
Earlier this year, Allen was rumored to be in a bidding war for a majority ownership stake of BET Media Group, which included VH1 and BET. Paramount, the current owner, canceled the sale, explaining it “wouldn’t result in any meaningful deleveraging of its balance sheet.”
According to the AMG website, Allen currently owns 36, ABC-NBC-CBS-FOX network affiliate broadcast television stations in 21 U.S. markets and twelve 24-hour HD television networks serving nearly 220 million subscribers.
Most recently in the summer of 2022, Allen acquired the Black News Channel, saving the network from bankruptcy, for $11 million from Jacksonville Jaguars owner and billionaire Shad Khan.
“We are excited to have been selected to acquire the Black News Channel, which has approximately 300 million linear and digital subscribers,” Byron Allen said in a statement prepared by AMG. “Allen Media Group will deliver a best-in-class network to serve the underserved African-American community and the advertisers who want to reach this extremely valuable audience.”
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