Disney in talks to sell ABC to Nexstar, Byron Allen offers $10B bid.

OAN’s James Meyers
11:37​ AM – Friday, September 15, 2023

Media Entrepreneur⁢ Byron Allen ⁢has made​ a bold move, offering a staggering​ $10 billion to acquire the ABC‌ television network from Disney. This includes the popular FX ‌and National Geographic cable‍ channels. A spokesperson for Allen confirmed the bid on​ Friday.

According to Bloomberg, Disney⁢ is also in discussions with Nexstar Media‌ Group, the largest TV station owner​ in the country, regarding the ‌potential sale of the ABC network.

“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,” a Disney spokesperson said‌ in a statement responding to ​the report.

The talks of selling ABC comes after Disney CEO Bob Iger hinted in July that the company may sell some of its ‌traditional TV ⁣assets, which have struggled due to the rise in popularity of streaming ⁣services.

Employees within the‌ company were ‌reportedly ​shocked by the news, causing⁤ a wave of “high anxiety,” according to CNN.

“None of this is surprising, given ⁣Disney is looking to unload non-core assets, and when​ a stock is under pressure as​ Disney has been, it needs to⁢ unload core‍ assets‍ and conserve capital, and ⁣this deal would be⁤ consistent with that,” media M&A ⁣advisor Peter Csathy commented on ​the ‌reported talks.

Disney’s linear networks have experienced ​a 27% decrease in operating income, recording⁢ $5 billion so far this year compared to ⁤the ⁤same period⁣ in 2022.

In their latest ⁤third quarter report, Disney highlighted ABC’s struggles, citing declining advertising revenue and average viewership.

However, ⁣Disney’s streaming income ⁤continues⁣ to rise, with both Hulu and Disney+ reporting increased subscription ⁤revenue in their⁢ third quarter.

ABC is ⁤a national‍ TV‍ network with eight ‌regional stations and affiliation agreements with nearly 240 ‍local television stations, reaching households​ across the United States.

In 1995,‍ Disney’s then-Chief Executive Michael⁣ Eisner acquired Capital Cities/ABC ⁣for $19 billion.

Nexstar currently owns or partners with 200 stations in over 100 markets, reaching over two-thirds of the U.S. population. The company has ⁤a ⁢market‌ value of $5.25 billion.

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