Entertainment Studios
Move aside, David Ellison, because Byron Allen is entering the scene.
The media mogul and owner of The Weather Channel has put forward a $30 billion offer for the debt and equity of Paramount Global, as confirmed by Deadline.
According to Allen Media Group, “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. 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.”
This news was originally reported by Bloomberg.
Amid speculations of Ellison’s Skydance making a potential move for Shari Redstone’s stake in National Amusements, which could lead to owning Paramount Global, no deal has been solidified as of now. Additionally, a $3.5 billion bid for Paramount Global’s BET and VH1 was previously made by the former host of NBC’s Real People, which is yet to materialize. Bloomberg mentioned that Allen offered $14.3B for the outstanding shares of Paramount Global, translating to a reported $28.58 each for the voting shares of Paramount, a 50% premium to recent trading, plus $21.53 for the non-voting shares.
Allen’s purported strategy involves selling the Paramount film studio, real estate and IP, while retaining the linear networks, plus Paramount+, and aiming to operate the streaming service more efficiently. However, this endeavor may be challenging given the significant expenses and financial dynamics of Paramount+. Deadline has reached out to Paramount Global for their response to these developments.
