Byron Allen offers $30B to buy Paramount Global

Byron Allen offers $30B to buy Paramount Global

Allen Media Group announced Tuesday that Byron Allen has offered $30 billion to purchase all of Paramount Global's stock, debt, and ownership.

Allen offered $14.3 billion for Paramount Global's outstanding shares, according to Bloomberg News.

“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,” THR said. We believe this $30 billion debt-equity offer is the best answer for all Paramount Global shareholders and should be taken carefully and pursued.”

Allen Media Group owns 27 ABC-NBC-CBS-FOX affiliates in 21 U.S. markets, as well as 12 24-hour HD networks with nearly 220 million subscribers: WEATHER CHANNEL, WEATHER CHANNEL EN ESPAÑOL, PETS.TV, COMEDY.TV, RECIPE.TV, CARS.TV, ES.TV, MYDESTINATION.TV, JUSTICE CENTRAL.TV, THEGRIO TELEVISION NETWORK, THIS TV, and PATTRN.

Allen Media Group also owns HBCU GO, THE GRIO STREAMING APP, SPORTS.TV, THE WEATHER CHANNEL, and LOCAL NOW, a free-streaming AVOD service powered by THE WEATHER CHANNEL and content partners that provides real-time, hyper-local news, weather, traffic, sports, and lifestyle information.

Allen Media Group is one of the leading independent producers/distributors of first-run syndicated television programming for broadcast television stations, producing, distributing, and selling advertising for 73 shows.

Variety notes that “Paramount Global’s major assets include Paramount Pictures, the Paramount+ with Showtime streaming service, CBS, Nickelodeon, MTV, VH1, Comedy Central, BET Networks and international broadcasters such as the U.K.’s Channel 5 and Argentina’s Telefe.”

Variety said that Allen proposed $3.5 billion to acquire Paramount Global's BET Media Group last year.

In March, Paramount Global said it was considering selling BET. He bid $2.7 billion. Tyler Perry and Sean “Diddy” Combs bid.

Paramount Global canceled the transaction in August, claiming it would not make enough money.

According to Vibe, a Paramount insider told the New York Post, “We made this decision because the benefits of maintaining a majority stake in BET Media Group creates more value for Paramount than any of the proposals we received.”

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