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Byron Allen places $10 billion bid to acquire ABC from Disney

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From The Verge:

Comedian and media mogul Byron Allen has reportedly made a $10 billion offer to acquire the ABC TV network, FX and National Geographic cable channels, and local stations from Walt Disney. The offer is preliminary and may change, and Allen would work with banks and private equity firms to finance the deal. Disney has not publicly acknowledged the offer yet. Allen may sell off the non-ABC affiliated local TV stations he already owns to avoid tensions with other networks. Disney CEO Bob Iger has been implementing cost-cutting measures, including layoffs and restructuring, and considering selling some linear TV assets. Allen has previously invested in media properties but has also accumulated debt in the process. More details may be revealed at the upcoming Code conference.

Read More: Full Article on The Verge
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