Media mogul Byron Allen has reportedly offered $10 billion to buy ABC TV network, FX, National Geographic cable channels, and local stations from Disney. Allen plans to work with banks and private equity firms for financing. Disney has not yet publicly responded to the offer.
Arm Holdings, the chip design company controlled by SoftBank, saw a 16% jump in its Nasdaq debut after pricing its IPO at $51 a share. The company, valued at nearly $60 billion, sold around 95.5 million shares. Arm's CFO highlighted the company's focus on royalty growth and providing cost-effective products to customers. Arm's chip designs are widely used in smartphones and its revenue in the last fiscal year was $2.68 billion. Strategic investors, including Apple, Google, and Nvidia, bought $735 million worth of shares.