Byron Allen has joined the race for Paramount Global by making an offer of $30 billion to purchase the company’s outstanding stock and existing debt. The bid, which comes from Allen Media Group and unnamed “strategic partners,” as reported by Bloomberg News, is seen as the best solution for all Paramount Global shareholders, according to a statement from Allen Media Group.
A representative for Paramount Global chose not to give any comment about the bid. Allen Media Group’s proposal comes at a time when the studio has been the subject of numerous merger and acquisition rumors.
Paramount Global’s market value currently stands at $9.13 billion with a debt load of just over $15 billion. Like other traditional media giants, Paramount has faced challenges due to the rise of streaming and the gradual decline of linear broadcast and cable assets that have historically been the main source of profits for traditional Hollywood studios.
The public announcement of the bid by Allen Media Group may prompt Paramount Global and National Amusements to openly address the ongoing rumors about a potential transaction. To date, both parties have not made any specific public statements regarding the talks with Skydance or the discussions with WB Discovery.
Paramount Global’s major assets include Paramount Pictures, CBS, Nickelodeon, MTV, VH1, Comedy Central, BET Networks, and international broadcasters, such as the U.K.’s Channel 5 and Argentina’s Telefe. Meanwhile, Allen Media Group owns the Weather Channel, 27 local TV stations in small and medium-sized markets, as well as lower-profile themed cable channels like Cars.TV, Comedy.TV, Justice.TV, and Pets.TV.
