Disney gains as bidders, including Byron Allen, vie for ABC network

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The Street

By Martin Baccardax Walt Disney Co. (DIS) – Get Free Report shares nudged higher in pre-market trading after reports suggested media giant Byron Allen launched a bid to buy its ABC television network, as well as other linear cable assets, for around $10 billion. Disney, which suggested over the summer that it could sell some of its traditional television assets as it looks to pare down debt and focus on sports and streaming rights, said it was “open to considering strategic options for its linear business” but had not made any formal decision “with respect to the divestiture of ABC or any othe…

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