A former stand-up comic turned film producer and entrepreneur made a $30 billion bid for Paramount Global. It is one of America’s largest entertainment companies.
Bloomberg News reports that Byron Allen, 62 years old, founder and CEO of Allen Media Group has made a multibillion dollar bid for Paramount. This includes debt and equity. Paramount Global, owner of CBS and cable outlets like Nickelodeon declined to comment.
Allen, the owner of 22 television stations, offers $28.58 per share for voting shares in Paramount. This is a 50% premium over recent prices, and the company will pay $21.53 each for non-voting stock. The total deal value, including existing debts, is about $30 billion.
Allen Media released a statement saying that “this offer is the most suitable solution for all Paramount Global shareholders and should be pursued.”
Shari Redstone was reported to have been considering a sale of Paramount last year. She controls Paramount via her family holdings company. According to The Wall Street Journal, she held discussions with David Ellison and his supporters about a cash-only deal to take control of Paramount.
In New York, shares of Paramount, the company that distributed Killers of the Flower Moon, rose by 91 cents or 6.7% to $14.59.