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Media mogul Byron Allen made a $14.3 billion bid for Paramount Global (NASDAQ:PARA).
Allen offered $28.58 each for the voting shares of Paramount, a 50% premium to recent trading, and $21.53 for the non-voting shares, according to a Bloomberg report late Tuesday, which cited people familiar with the matter. Including debt, the total value of the deal is $30 billion.
Allen’s company Allen Media Group, confirmed that he made an offer in a statement to Bloomberg News. Representatives for Paramount, owner of the famed movie studio as well as CBS, MTV and the Nickelodeon cable networks, declined to comment.
“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,” Allen’s company said in the statement.
The Allen bid comes after Bloomberg reported last week that David Ellison made a preliminary bid for National Amusements, the Redstone family company that controls the media giant. Ellison has also had talks with Paramount (PARA) about merging his Skydance Media film and studio into the media company.
Allen wants to sell Paramount film studio, real estate and some other intellectual property, according to the Bloomberg report on Tueday. He wants to keep the TV channels, including the Paramount+ streaming service. Allen has banks and other investors lined up to help finance a deal, the people said.
Earlier this month Bloomberg also reported that Apollo Global (APO) is considering making a bid for National Amusements, which owns movie theaters and controls 77% of Paramount’s voting stock. Apollo (APO) is one of a number of investors who have reached out to the investment bank representing the Redstone family.
Last month, there were also reports that Warner Bros. Discovery’s (WBD) CEO David Zaslav held talks with Paramount (PARA) to discuss a potential merger.
Allen sent his offer to Paramoutn (PARA) via text message and email to Paramount senior management and board members, according to the report.
Allen has been interested in buying several media properties in recent years. The latest news on the media mogul comes after a Bloomberg report in September that Allen had made a $10 billion offer to Walt Disney (DIS) to purchase the ABC TV network, local stations, as well as the FX and National Geographic cable channels.
Allen, who owns the Weather Channel, was also reportedly one of the bidders for Paramount’s BET Media Group, owner of VH1 and BET cable networks. Standard General outbid Allen in 2022 for a $5.4 billion attempted acquisition of TV broadcaster Tegna (TGNA), a deal that was never consummated last year after Standard General failed to win regulatory approval.
In November Bloomberg reported tha Alllen was evaluating a bid for several television stations from broadcaster E.W. Scripps (SSP).
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