Media mogul Byron Allen has made a $10 billion offer to acquire the ABC TV network, FX and National Geographic cable channels, and local stations from Walt Disney.

Allen is the founder of Allen Media Group, which owns the Weather Channel and a number of TV stations and over-the-air networks.

Disney CEO Bob Iger has taken several cost-cutting measures recently to reduce overhead spending and back in July said that the company is also considering selling off some of its linear TV assets. The company’s streaming unit has lost more than $11 billion since 2019 when Disney+ was launched, and during the most recent quarter it reported $512 million in losses.

Nexstar, parent company of The CW and 197 local stations in the U.S., is also reportedly in talks with Disney about ABC.

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