Byron Allen, media mogul and comedian, has made a bold move by offering to buy all outstanding shares of Paramount Global for $14.3 billion through his company, Allen Media Group. This offer includes assuming Paramount’s $15 billion debt load and values the shares at a 50% premium to their recent trading prices. Allen’s AMG already owns The Weather Channel, local TV stations, The Grio, and a syndicated TV content business, and is known for aggressive negotiating tactics and a desire to grow his business. It is unclear who Allen’s strategic partners are in the offer, or if there are any contingencies. In 2020, Eddie Murphy described Allen as a patient and strategic chess player. This is not Allen’s first interaction with Paramount, as he was previously among the bidders exploring the acquisition of BET from the company. Bloomberg was the first to report on this offer, so stay tuned for any future developments.
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Byron Allen makes a $14 billion offer to acquire Paramount Global, reports The Hollywood Reporter
