Byron Allen makes $14B bid for Paramount
When including debt, the total bid rises to $30B.
Media mogul Byron Allen has made a $14.3 billion bid to purchase Paramount Global’s outstanding shares, a spokesman for Allen Media Group confirmed.
The bid’s total value increases to about $30 billion when including debt.
“Mr. Byron Allen did submit a bid on behalf of Allen Media Group and its strategic partners to purchase all of Paramount Global’s outstanding shares,” according to a statement released by Allen’s spokesperson and emailed to theGrio. “We believe this $30 billion offer, which includes debt and equity, is the best solution for all of the Paramount Global shareholders, and the bid should be taken seriously and pursued.”
Bloomberg News, citing sources familiar with the offer, said Allen bid a 50% premium to acquire the voting shares for $28.58 each. He also bid $21.53 each for non-voting shares.
Bloomberg reported that Allen would keep Paramount’s television business, including its streaming service, while selling some of the other ventures. Allen has bankers and financing lined up, according to Bloomberg.
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The media mogul has made bids for other media groups in the past. In December, he reiterated his interest in BET Media Group and submitted a $3.5 billion offer. He made the move after he learned Paramount, BET’s parent company, was about to sell BET to a management-led group for about $2 billion, which Allen reportedly called a below-market sweetheart deal.
Allen also bid $10 billion for the ABC broadcast network and other properties, though Walt Disney Co. later said it didn’t want to sell.
Allen Media Group owns a broad portfolio of media brands, including theGrio.
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