Allen, the founder and CEO of a media group that owns numerous television networks across the U.S., put forward a $30 billion offer for all of Paramount’s outstanding shares, including debt and equity. The Allen Media Group stated that the bid is the best solution for all Paramount Global shareholders and should be taken seriously. However, Allen’s past media buyout offers have not resulted in successful sales. Last year, he offered $18.5 billion for Paramount, but was turned down. Despite this, Shari Redstone, who controls Paramount through National Amusements, has been willing to engage in deal-making to either merge or sell the company, which houses well-known brands such as CBS, Showtime, Nickelodeon, and its namesake movie studio. Meanwhile, David Ellison’s Skydance Media and its supporters were considering taking Paramount Pictures or the entire media company private. Additionally, Paramount had been in preliminary discussions with Warner Bros. Discovery about a potential merger. Allen’s bid for Paramount is his most ambitious attempt, but he has previously tried to purchase Black Entertainment Television and VH1 for $3.5 billion, considered a bid for television stations from E.W. Scripps, and made offers to buy ABC and other networks from Disney for $10 billion. He also explored a bid for the NFL’s Washington Commanders and offered $8.5 billion to purchase television stations owner Tegna. Despite not always being successful, Allen defended his track record, pointing out his acquisition of The Weather Channel in 2018 and likening it to Babe Ruth’s strikeouts in baseball. Allen’s interest in linear TV assets comes amid the shifting media landscape towards streaming, with most major media companies launching services to compete with Netflix. Paramount’s streaming platform, Paramount+, reported an increase in subscribers to 63 million, but its direct-to-consumer products have yet to turn a profit as Netflix has. Paramount will release its fourth-quarter earnings on Feb. 28. Allen expressed his desire to buy Paramount for its linear networks, which he believes to be a valuable aspect of the company. Shares of Paramount have seen an 8% increase and have risen over 35% in the last three months due to the ongoing talks about a potential deal, despite being more than 40% lower than its 52-week high of $25.93 a share reached in February 2023.
