LOS ANGELES, CALIFORNIA: Media magnate Byron Allen has set his sights on a monumental acquisition, the purchase of Disney's ABC television network, including popular cable channels like FX and National Geographic, in a staggering $10 billion bid.
Reports have also circulated about Disney considering discussions with regional TV station operator Nexstar Media regarding the potential sale of ABC.
What is Nexstar Media?
Nexstar Media is recognized for owning the cable news network NewsNation, further indicating Disney's contemplation of a significant shakeup in its media portfolio.
However, the news of these potential developments sent shockwaves through ABC News, with one insider reportedly telling CNN, "Everyone is freaking the f*** out."
However, Disney has issued an official statement, saying, "While we are open to considering a variety of strategic options for our linear businesses, at this time The Walt Disney Company has made no decision with respect to the divestiture of ABC or any other property and any report to that effect is unfounded."
This strategic reevaluation within Disney comes after CEO Bob Iger's revelation in July that the company was exploring options for its traditional TV assets.
These assets have grappled with ongoing challenges attributed to the burgeoning influence of streaming services in the media landscape.
How has Disney been affected by rise of streaming services?
Iger's comments have fueled speculation that Disney may be preparing itself for a transformative move, possibly selling off some assets to streamline the company.
This strategic shift aligns with Disney's commitment to focusing on its core assets, built around the cherished characters and franchises that have defined the company's legacy.
The potential sale of ABC, once considered the "jewel in the crown" of Disney, underscores Iger's pragmatic approach to decision-making.
According to one industry executive, "Iger is unsentimental and cold-blooded. He will do what is best and necessary for Disney. He will not hesitate to cut off well-paid anchor friends, cast out beloved networks, or sell the jewels in the crown."
It's essential to recall that Disney acquired Capital Cities/ABC in 1995 in a deal valued at $19 billion, a transaction overseen by former CEO Michael Eisner.
The acquisition included ESPN, a sports media powerhouse that is not part of the current ABC sales discussions. However, Iger has separately considered running ESPN as a joint venture with strategic partners.
Internet supports Byron Allen's bold bid
Meanwhile, the internet is buzzing with anticipation about what lies ahead for these media giants.
A user tweeted, "OMG may this please happen!"
Another user claimed, "This dude managed to save up all his money from his 3am talk show ad revenue for 40 years after "Real People" ended at NBC."
A third one added, "I had no clue Byron Allen had it like that."
Another user stated, "Byron Allen had a freaking vision. Dude is filthy rich." "Protect Bryon at all cost!!" read a tweet.
Another user asserted, "Good for him! I hope he gets it."
