Forbes: Billionaire billionaire Valhalla is looking to make some cash in retirement, buying the rights to his own television network and selling the rights for about $500 million, sources said.
Valhalla is the first billionaire to make his money in a business and owns Valhalla, an entertainment company that airs on a cable network and has a subscriber base of more than 6 million people, according to its website.
He said in a statement Thursday that he will also sell his stake in Valhalla and “continue to own the Valhalla brand.”
He said he has purchased Valhalla’s cable network, which includes “Vanderpump Rules,” “American Dad!” and “Criminal Minds,” for $3 billion.
“This is the culmination of a long process of thinking and working toward my dream of a network that has a broad appeal and is profitable,” Valhalla said.
“I have long wanted to be able to invest in this business, so I am delighted to continue to make my money in it.
I hope to be the first to retire from this business and create a new company that will continue to deliver quality content to a broad audience.”
Valhalla’s investment firm, Valhalla Entertainment, is working with the media company, which owns his cable network.
Valhallas family, which has long been a source of speculation about his wealth, did not immediately respond to a request for comment.
The Valhallas have been a longtime Forbes billionaire list member and Forbes said he is among the most successful TV executives in the U.S. and has been the company’s highest-paid TV executive for five years.
He is also the companys highest-earning executive and has taken home $4.6 billion.