Byron Allen Submits Bid To Purchase Paramount Global For $14.3B

Last updated on Feb 9, 2024

Posted on Feb 1, 2024

According to The Hollywood Reporter, Allen Media Group extended a $14.3 billion offer to acquire the remaining shares of Paramount Global. If green-lit, this deal would encompass Paramount's debt, estimated at around $15 billion.

According to the outlet, a statement indicated, "Mr. Byron Allen submitted a bid on behalf of Allen Media Group and its strategic partners to acquire all outstanding shares of Paramount Global. We consider this $30 billion offer, inclusive of debt and equity, as the optimal solution for Paramount Global shareholders and advocate for its serious consideration and pursuit."

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This isn't Allen's initial endeavor to acquire a media powerhouse. Allen expressed interest in purchasing BET Media Group when it was up for sale by Paramount Global in 2023. However, Paramount Global withdrew its proposal in August 2023, as per the Associated Press, deciding against selling its majority stake.

Yet, recent updates suggest that the entertainment conglomerate is contemplating selling BET Media Group to a management-led investor group, as reported by Bloomberg.

Allen remains keen on acquiring the network and has tabled his own bid of $3.5 billion for BET and VH1.

In an email to Paramount Global's management and board, Bloomberg reports Allen's sentiment, "You are pursuing an inside sale at a below-market price with management that will not yield the highest price for the stockholders. We believe it would be an egregious breach of fiduciary duty by the Paramount Global management team and board of directors if BET is sold for anything less than the highest price, particularly, in order to provide a sweetheart deal to an insider at the expense of public shareholders."

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