A comedian who has established himself at the top of the media business has made a $14.3 billion offer for Paramount Global.
A statement issued by Byron Allen’s Allen Media Group (AMG)confirmed the company would take on $15 billion debt from the film studio, TV and steaming business.
“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. 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,” said the statement.
Allen’s AMG owns The Wather Channel, a string of local TV stations, and has an equity stake in Sinclair Broadcasting’s Fox Sports Networks. Last March, he joined with Tyler Perry and Sean “Diddy” Combs in a tentative bid for Paramount’s BET.
David Ellison’s Skydance Media – the company behind the recent Top Gun and Mission Impossible movies – has been circling Paramount for several months and has already acquired preferred voting shares from controlling shareholder Shari Redstone through the Redstone family holding company National Amusements Inc.
Discovery is also known to have held at least one discussion over a possible acquisition.
Paramount has not released any public comment.
