Despite skepticism around Byron Allen’s $10 billion bid for Disney’s ABC network and local stations and cable channels FX and National Geographic, the media mogul says finding the capital is “not an issue.”
“I have access to plenty of capital …. there’s trillions of dollars out there looking for a safe place to invest and get it back with a return,” the Allen Media Group chairman said during the 2023 CODE Conference on Wednesday. “The real commodity is certainty of close, approval of the deal … not too many people can get that deal approved. That’s the hard part.”
The Wrap reports he argued that the current regulatory environment would make it difficult for tech giants to buy Disney’s linear assets and that “Washington D.C. has made it very clear they’re not interested in private equity and hedge funds buying this type of asset.” He added that other media companies wouldn’t be able to do it due to the FCC’s 39% cap on station ownership by one company.
“I’m the prettiest girl at the dance,” he added. “Let’s just be honest.”
Nexstar Media Group senior advisor Tom Carter, who previously suggested that the company would be open to buying ABC’s eight local stations, said the stations could be onboarded “relatively little friction” if they were put up for sale.
Allen’s interest in ABC and its local stations dates back to the sale of the Washington D.C. affiliate WJLA-TV in 2014.
“By law, they can go to 39% of the country, their footprint … they stopped at 22%,” he said. “That said to me, I don’t think you’re in love with this space.”
In July, Iger suggested he would be open to a possible sale of the company’s linear assets, telling CNBC that they “may not be core” to the company.
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