Disney CEO Bob Iger has a lot on his plate these days. Since returning to the job he had left behind just two years ago for his handpicked successor, Bob Chapek, he’s weathered a downturn in his flagship Marvel and Lucasfilm divisions, massive losses from the Disney+ streaming initiative, and a historic double strike in Hollywood shutting down production. And that’s before you get to old-school linear television, where he just suffered through a bruising negotiation with Charter Communications and saw the unthinkable happen: a blackout for tens of millions of customers of ABC and ESPN (the deal wrapped up just in time for the inaugural Monday Night Football broadcast).

In recent months, he’s mused aloud to CNBC in July that linear TV “may not be core” to the company’s future. Now another shoe may be dropping, as Bloomberg reports that Iger has fielded a $10 billion offer for ABC, one of the traditional “Big Three” networks, and the bidder is none other than Byron Allen, one of America’s most prominent Black businessmen and a bona fide media mogul. It’s early in any potential sale process, but Allen’s ownership of ABC would cap a remarkable career of media M&A.

Earlier this week, Bloomberg separately reported that Disney had held talks with Nexstar Media Group, which owns roughly 200 local television stations around the country, about selling ABC and its local affiliates. Disney issued a public statement confirming that it was considering options but had made “no decision” regarding the future of ABC or other assets.

The current offer wouldn’t be Allen’s first dealing with Disney. In 2019, he became an equity-holding partner in a company formed when Sinclair Broadcast Group scooped up some 20 regional sports networks from Disney for $10.6 billion.

Allen’s offer was reportedly for a package of eight local stations, cable channels National Geographic and FX, and the crown jewel: ABC. Allen Media Group, of which Allen is chair and CEO, valued the total earnings of those channels at $1.25 billion over the last 12 months, a person familiar with the deal told Bloomberg. The final deal price could change based on whether their actual earnings turn out higher or lower than the forecasted $1.25 billion, Bloomberg further reported.

Here’s a look at how Allen ascended from a start in stand-up comedy to a perch as a media kingpin poised to take over one of America’s most important TV properties.

Full article read at Fortune.