Media entrepreneur Byron Allen has submitted a $10 billion offer to acquire Walt Disney’s ABC television network, along with assets including the FX and National Geographic cable channels, a spokesperson for Allen confirmed on Friday.
Disney has also been involved in preliminary talks about selling ABC to Nexstar Media, a regional TV station operator, according to two sources familiar with the situation on Thursday.
These discussions follow comments made by Disney CEO Bob Iger in July, suggesting the company might consider selling some of its traditional TV assets, which have been struggling in recent years due to the increasing popularity of streaming services.
Nexstar’s interest is still in the early stages and may not result in a deal, one of the sources said. Both sources requested anonymity due to the confidential nature of the matter.
A Disney spokesperson stated that while the company is “open to considering strategic options for its linear business,” no final decision has been made regarding the sale of ABC or any other property.
ABC consists of a national TV network and eight regional stations, with affiliation agreements covering about 240 local television stations, reaching nearly all U.S. television households.
Disney’s acquisition of Capital Cities/ABC was initiated by then-CEO Michael Eisner for $19 billion in 1995.
Nexstar, which owns or partners with 200 stations in 116 markets, reaches over two-thirds of the U.S. population and also operates national TV networks such as CW and NewsNation. The company has a market value of $5.25 billion.
