Byron Allen, CEO of Allen Media Group, is looking to make a monumental purchase as he attempts to acquire ABC and other Disney Networks.
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, a person familiar with his proposal told Bloomsburg recently.
Citing an unnamed source, the report stated the offer is preliminary and could change. Byron Allen is basing his offer on the assumption that the properties generated $1.25 billion in earnings before interest, taxes, depreciation and amortization over the past 12 months. If that number is lower or higher, Allen would change his proposed price, which is based on a multiple of eight times ebitda.
A comedian turned producer and business executive, Allen already owns The Weather Channel as well as a bevy of other television stations. He was also part of a deal with Sinclair Group that purchased Fox regional sports networks from Disney back in 2019.
One of the stations owned by Allen is The Grio. The Allen Media Group purchased HBCU Go back in 2022 and promptly signed a long-term contract with the Southwestern Athletic Conference (SWAC), broadcasting football and basketball games, which air on the Grio as well as stream. AMG recently agreed to a 10-year deal with the Central Intercollegiate Athletic Association (CIAA), the oldest conference for historically black colleges and universities.
Allen was rumored to be one of several individuals in the running to purchase Black Entertainment Television (BET) earlier this year. However, BET’s parent company has decided not to sell.
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