Byron Allen Submits $14B Bid To Buy Paramount Global
Byron Allen has submitted a $14.3 billion bid to purchase Paramount Global.
According to The Hollywood Reporter, the mogul is looking to purchase all the company’s outstanding shares. If the deal goes through, Allen and Allen Media Group would also acquire PG’s massive $15 million debt. The outlet details that the shares would then be listed at “about a 50% premium to their recent trading prices.” Allen Media Group issued a statement regarding Byron Allen’s bid to retrieve Paramount Global.
“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. We believe 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,” the statement said.
According to Deadline, Byron’s play allegedly involves acquiring and then selling the Paramount film studio, real estate and IP. Allen would then hold on to the linear projects and find a way to run Paramount+ “more efficiently.”
The mogul has been relentlessly pursuing Paramount and adjacent assets. In December 2023, the former comedian submitted a bid to purchase BET Media Group. Variety reported that the media mogul previously made a $3.5 billion offer to Paramount Global to acquire BET cable channel, VH1, BET Studios, and the streaming service BET+.
In early 2023, Allen, Tyler Perry, and Diddy attempted to place bids to purchase the network. The trio was unsuccessful in their attempt, with Perry calling the process “disrespectful in a lot of ways.” “God bless [Paramount]. I’m still working with them. I wish them the best,” clarified Perry after he confirmed he wouldn’t pursue the network.
Byron called out Paramount in an email to their board for trying to cut “sweetheart deals” for BET and not giving buyers a fair shot at the asset. However, he maintained at the time that he was very interested in buying BET from Paramount. “You are pursuing an inside sale at a below-market price with management that will not yield the highest price for the stockholders,” wrote Allen, per Bloomberg.
“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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