Byron Allen's $10 Billion Bid Shakes Up Disney's ABC Network
Byron Allen has submitted a $10 billion offer to Walt Disney Co. to acquire its ABC TV network, local stations, as well as the FX and National Geographic cable channels. The offer is preliminary and could change based on the properties' earnings. Allen would work with banks and private equity firms to finance the acquisition and may sell his existing local TV stations to avoid friction with other networks. Disney has stated that while it's considering strategic options for its traditional TV networks, no decisions about a sale have been made.