Media mogul Byron Allen offers Disney $10 billion for ABC, cable TV channels

Sep 16, 2023 | Canyon Crest Guide Newspaper | 0 comments



SEO Content Writing Service

Media mogul Byron Allen has offered $10 billion to the Walt Disney Co. to purchase its ABC television network, 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.   

Newspaper Ads Canyon Crest CACanyon Crest Guide Newspaper Ad

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. 

US-ECONOMY-MILKEN
Byron Allen, founder and CEO of Allen Media Group, attends the Milken Institute Global Conference on October 19, 2021, in Beverly Hills, California.

PATRICK T. FALLON/AFP via Getty Images

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




Anxiety Stress Management

Live a Life of Contentment eBook We all want to be satisfied, even though we know some people who will never be that way, and others who see satisfaction as a foreign emotion that they can’t hope to ever feel.

Newspaper Ads Canyon Crest CA

Click To See Full Page Ads

Click To See Half Page Ads

Click To See Quarter Page Ads

Click To See Business Card Size Ads

If you have questions before you order, give me a call @ 951-235-3518 or email @ canyoncrestnewspaper@gmail.com Like us on Facebook Here



Source link

You May Also Like

0 Comments

Submit a Comment

Your email address will not be published. Required fields are marked *

Contact Us

Contact Us

Personal Injury Attorney

Websites For Sale Personal Injury Attorneys

Criminal Defense Attorneys

Websites For Sale Criminal Defense Attorney

Bankruptcy Attorneys

Websites For Sale Bankruptcy Attorneys

General Practice Attorneys

Websites For Sale General Practice Attorneys

Family Attorneys

Websites For Sale Family Attorneys

Corporate Attorneys

Websites For Sale Corporate Attorneys

Home Privacy Policy Terms Of Use Anti Spam Policy Contact Us Affiliate Disclosure Amazon Affiliate Disclaimer DMCA Earnings Disclaimer