Media entrepreneur Byron Allen has offered to buy move and TV studio Paramount Global (PARA) for $30 billion U.S., including the company’s debt.
Excluding debt, Allen has offered $14.3 billion U.S. to buy all of the outstanding shares of Paramount Global through his company Allen Media Group.
While no other offers for Paramount Global have been made public, there are media reports that the company is in talks with other parties about a sale, including independent film studio Skydance Media.
If more than one buyer emerges for Paramount Global, it could result in a bidding war for the company, which would benefit shareholders.
Paramount Global let it be known last fall that it was open to a sale. There is speculation that Byron Allen would take the entertainment company private if his acquisition is successful.
Paramount Global owns the Paramount Pictures film and television studio, the CBS television network, specialty TV stations such as BET, MTV, Nickelodeon and Comedy Central, and the Paramount+ streaming service.
Originally a stand-up comedian, Byron Allen has transitioned to become a film and television producer and businessman. His net worth is estimated at between $800 million U.S. and $1 billion U.S.
Paramount Global’s stock is up 14% on news of the takeover offer from Allen Media Group.
In the last 12 months, the company’s share price has declined 40% to trade at $13.68 U.S. per share. Through five years, the stock is down 73%.
