Current:Home > FinancePoinbank Exchange|Media mogul Byron Allen offers Disney $10 billion for ABC, cable TV channels -Pinnacle Profit Strategies
Poinbank Exchange|Media mogul Byron Allen offers Disney $10 billion for ABC, cable TV channels
Johnathan Walker View
Date:2025-04-10 18:52:06
Media mogul Byron Allen has offered $10 billion to the Walt Disney Co. to purchase its ABC television network,Poinbank Exchange 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! (39736)
Related
- Jamie Foxx gets stitches after a glass is thrown at him during dinner in Beverly Hills
- Detroit casino workers launch strike for better pay and benefits
- Mega Millions numbers from Tuesday's drawing: Jackpot reaches $69 million
- Texas city settles lawsuit over police response to Trump supporters surrounding Biden bus in 2020
- Brianna LaPaglia Reveals The Meaning Behind Her "Chickenfry" Nickname
- Neymar’s next chapter is off to a difficult start as Ronaldo and Messi continue to lead the way
- A teacher showed 4th graders the 'Winnie the Pooh' slasher film: Why that's a terrible idea
- Will Smith Speaks Out on Tumultuous Jada Pinkett Smith Relationship
- Intellectuals vs. The Internet
- New California law will require large corporations to reveal carbon emissions by 2026
Ranking
- Questlove charts 50 years of SNL musical hits (and misses)
- Down, but not out: Two Argentine political veterans seek to thwart upstart populist
- 5 Things podcast: Biden arrives in Israel after Gaza hospital blast, still no Speaker
- Europol says Islamist terrorism remains the biggest terror threat to Western Europe
- Man can't find second winning lottery ticket, sues over $394 million jackpot, lawsuit says
- Search continues for inmate who escaped from Houston courthouse amid brawl in courtroom
- Thrift store chain case was no bargain for Washington attorney general; legal fees top $4.2 million
- Mexico says leaders of Cuba, Venezuela, Haiti, Honduras to attend weekend migration summit
Recommendation
From family road trips to travel woes: Americans are navigating skyrocketing holiday costs
Tyler Perry building new home for 93-year-old South Carolina woman fighting developers
Small-town Nebraska sheriff faces felony charge but prosecutors release few details about the case
Brazil congressional report recommends charges against Bolsonaro over riots
Rams vs. 49ers highlights: LA wins rainy defensive struggle in key divisional game
'The Voice': Gwen Stefani and John Legend go head-to-head in first battle of Season 24
Britney Spears memoir reaches bestseller status a week before it hits shelves
Pennsylvania House OKs bill to move 2024 primary election by 1 week in protracted fight over date