Media mogul Byron Allen reportedly bid $10 billion for broadcasting giant ABC. This potential acquisition marks another significant milestone for Allen, especially if the acquisition actually occurs.

Allen’s timing might be perfect. Disney CEO Bob Iger has faced numerous challenges in recent years, including a downturn in key divisions, substantial losses from their Disney+ streaming service, and high-profile disruptions in Hollywood production. On top of this, Disney went though a tough negotiation with Charter Communications that resulted in a blackout for millions of ABC and ESPN viewers. During this time, Iger hinted in a CNBC interview that traditional linear TV might not be a core focus for Disney’s future, which suggests he might be trying to sell off certain divisions.

Allen was recently one of the bidders for Black Entertainment Television (BET), going against other Black moguls Tyler Perry and Sea “Diddy” Combs. But Paramount ultimately decided to hold on to BET. In 2019, he became an equity-holding partner in a company formed when Sinclair Broadcast Group acquired around 20 regional sports networks from Disney for $10.6 billion. Allen’s recent offer covers a package of eight local stations, cable channels like National Geographic and FX, and the prized possession, ABC, Fortune reported.

His Allen Media Group has valued the total earnings of these channels at $1.25 billion over the past year.

Allen’s ascent to media mogul began when he was a stand-up comedian, debuting on Johnny Carson’s Tonight Show in 1979 at just 18 years old, making him the youngest comic to do so. Transitioning from talent to executive in the early ’90s, he founded Allen Media Group (formerly Entertainment Studios) in 1993. Over the years, Allen acquired local television stations and managed syndicated programming, Variety reported.

In addition to his business ventures, Allen has made headlines with high-profile lawsuits against Fortune 500 companies. He sued McDonald’s in 2019 for racial discrimination, alleging that the company allocated only 0.3 percent of its advertising budget to Black-owned media companies. He followed up with a $100 million lawsuit against McDonald’s, claiming that the company had “lied” about increasing its media spend at Black-owned outlets.

Allen also sued Comcast and Charter Communications for $20 billion and $10 billion, respectively, over racial discrimination claims, alleging they refused to carry cable channels from his company, Entertainment Studios. While his lawsuit against Comcast reached the Supreme Court, both cases ultimately settled out of court.

Photo: Comedian and media mogul Byron Allen, Sept. 5, 2019, in Los Angeles. (AP Photo/Chris Carlson)