Disney undecided on ABC sale
CEO Iger said in July he may offload company’s TV assets
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The Walt Disney Company on Thursday said it has not made any decisions on the sale of the ABC television 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," the entertainment company said in a statement.
Disney Statement
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According to a Bloomberg report, media personality and producer Byron Allen offered Walt Disney $10 billion for ABC TV, local stations, the FX and National Geographic cable channels.
Byron Allen attends the Allen Media Group upfront presentation at Avra on April 26, 2023, in New York City. (Photo by Chance Yeh/Getty Images for Allen Media Group / The Weather Channel) (Getty Images )
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| DIS | THE WALT DISNEY CO. | 114.26 | +1.84 | +1.64% |
Bloomberg said Allen is expected to work with banks and private equity companies to finance a potential deal.
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In July, Disney CEO Bob Iger said he may offload the company’s TV assets because they "may not be core" to the business.
Disney CEO Bob Iger, arrives at the AFI Awards at Four Seasons hotel, in Los Angeles, CA, Friday, January 13, 2023. The entertainment industrys biggest names mingle, on the awards seasons road toward the Oscars. (Jay L. Clendenin / Los Angeles Times (Getty Images / Getty Images)
Iger said he would look at Disney’s traditional TV business, which owns and operates a series of networks like broadcast station ABC and cable channels like ESPN.
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Since Iger’s return last year, Disney has initiated layoffs impacting thousands of employees, while also cutting billions of dollars in spending.
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