Media mogul Byron Allen has made a $14.3 billion bid to acquire a controlling stake in Paramount Global, according to a spokesperson for Allen’s company. With debt included, the total bid value is around $30 billion.
In a statement, Allen said his offer of $30 billion “is the best solution for all of the Paramount Global shareholders, and the bid should be taken seriously.” According to reports, Allen is offering a 50% premium on voting shares and has lined up financing and bankers.
“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. “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.”
If successful, Allen would likely retain Paramount’s television business and streaming platforms while selling off other assets. This follows Allen’s previous bids for other major media companies like ABC and BET, though prior offers have been unsuccessful.
The unsolicited bid for Paramount represents Allen’s most ambitious effort yet to expand his media holdings. While Paramount has not formally responded, Allen believes his premium offer should warrant serious consideration. The coming days and weeks will determine if a deal is struck between the two media giants.
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.