Byron Allen has made a bold surprise offer of $10 billion for Disney's ABC Networks.

According to reports, Byron Allen, the founder and CEO of the Allen Media Group, has made a bid of $10 billion to acquire the ABC Network and other TV channels from Disney's linear broadcast segment. This offer comes as Disney is also in preliminary talks with Nexstar Media Group regarding a potential deal for these stations.

The deal will include the ABC broadcast network, National Geographic Global Networks, and FX Networks. These networks have reportedly generated $1.25 billion in EBITDA (Earnings Before Interest, Taxes, and Amortization) over the last 12 months. The offer is based on the assumption that the properties generated $1.25 billion in earnings before interest, taxes, depreciation, and amortization over the past 12 months.

Mr. Allen has spent more than $1.3 billion in recent years to acquire assets such as the Weather Channel and a string of local stations from Honolulu to Tucson. In a surprising move, Allen made headlines in 2018 with the acquisition of the Weather Channel for a whopping $300 million. This unexpected purchase caught many by surprise, further solidifying Allen's position as an influential player in the media industry.

While the offer made for Disney's assets is currently in the preliminary stage, it is important to note that there is a possibility for it to change. Disney is currently exploring strategic options for its traditional TV networks, but no decisions regarding a sale have been made at this time. The negotiations could help determine the value of television assets that investors have increasingly viewed as burdensome.