Media mogul Byron Allen, who recently submitted a substantial $10 billion bid to acquire ABC and other linear TV assets from Disney, has stated that he possesses the necessary financial resources for the bid. Speaking at the Code Conference in a conversation with CNBC correspondent Julia Boorstin, Allen emphasized that “capital’s not an issue” for him, citing access to substantial capital resources available for such investments.
When questioned about the specifics of how the bid would be financed, Allen mentioned having a clear plan but refrained from divulging further details. However, Allen noted that Disney’s internal decision-making processes are the primary hindrance to initiating a formal sale process. Despite Disney CEO Bob Iger publicly acknowledging that linear TV “may not be core” to the company last summer, he is not yet prepared to move forward with a formal sale process, according to Allen.
Allen also mentioned the involvement of former Disney executives Kevin Mayer and Tom Staggs, who now lead Candle Media, as key advisors assisting Iger in exploring various options. Besides the linear TV challenge, Disney is concurrently engaged in discussions regarding the potential buyout of Hulu with Comcast and devising a streaming strategy for ESPN’s future.
The media landscape continues to evolve rapidly, and Allen’s substantial bid for ABC underscores the shifting dynamics and strategies being employed by media companies to navigate these changes.
Written by
Derek Chan – Editor
