Byron Allen, an accomplished American entrepreneur, film and television producer, comedian, and founder of Entertainment Studios, has reportedly tendered a proposal of $30 billion to acquire Paramount Global. This proposed acquisition includes both debt and equity, a move that prompted an 8% surge in Paramount's stock shares.
Currently, Paramount's stock is trading at $14.75 on the Nasdaq, an increase of $1.07, or 7.82%, which coincides with the announcement of Allen's offer.
Reports indicate that Allen proposed $28.58 per voting share and $21.53 per non-voting share of Paramount. When debt is factored in, the total offer approximates $30 billion.
Allen Media Group, on behalf of Byron Allen and its associates, confirmed the bid to Axios stating, "Our $30 billion offer, encompassing debt and equity, presents the ideal solution for all Paramount Global shareholders, and we implore them to consider our bid seriously."
Allen has a history of making ambitious bids for media corporations. Over recent years, he has independently attempted to acquire ABC, BET, and Tegna media conglomerate, although each attempt has so far proven unsuccessful.
The attempted acquisition of Paramount by Allen comes at a time when Skydance Media's CEO, David Ellison, is also vying for control with an all-cash offer for National Amusements, Paramount's parent company. If successful, the controlling majority of National Amusements intends to merge Paramount Global with Skydance Media.
