Disney talks on ABC sale heat up as Byron Allen makes offer

Disney has received an offer of $10bn from media mogul Byron Allen for its ABC TV network, local stations, and cable channels, as the company seeks to focus on streaming. Allen's offer is preliminary and could change, but is based on the assumption that the assets generated $1.25bn in earnings over the past year. Disney has also held talks with Nexstar Media Group about ABC and its eight local TV stations. No decision has been made about a sale, but the negotiations could help establish the value of television assets.

Disney is considering offers for its ABC TV network, local stations, and some cable channels as it looks to focus on streaming and shed noncore assets. Media mogul Byron Allen has tentatively offered $10 billion for Disney's flagship broadcast network, FX, and National Geographic cable channels. Nexstar Media Group has also held talks with Disney about ABC and its local TV stations. These negotiations will help determine the value of television assets that investors have seen as burdensome. CEO Bob Iger has faced pressure to sell assets due to declining cable-TV subscribers and losses in the streaming business. Disney has not made a decision about a sale yet.