Byron Allen
Greg Doherty/Getty Images for Byron Allen/Allen Media Group
Byron Allen has made an offer to acquire Paramount Global for $14.3 billion.
The media mogul’s company announced that the proposed deal would also involve assuming Paramount’s approximately $15 billion debt, resulting in a 50% premium to the recent trading prices of the shares.
“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,” his company stated. They believe the $30 billion offer, which includes debt and equity, would be the best solution for the shareholders and should be seriously considered.
ALlen Media Group is the owner of The Weather Channel, a number of local TV stations, The Grio, and a syndicated TV content business among several other ventures.
Allen, a former stand-up comedian, is known for his assertive negotiation strategies and a strong commitment to expanding his business. Last year, AMG introduced new board members to seek further growth opportunities.
It remains unclear who Allen’s strategic partners are in the offer and whether any contingencies are involved.
According to a 2020 profile of Allen, Eddie Murphy described him as a patient and strategic thinker, comparing his approach to a game of chess, where Allen’s patience and calculated moves ultimately lead to success.
Allen had previously shown interest in Paramount. In 2021, he, along with Tyler Perry and Sean “Diddy” Combs, explored acquiring BET from the company, which eventually opted not to part ways with the division.
The offer was first reported by Bloomberg.
More updates to follow.
