Byron Allen's Allen Media Group Submits $30 Billion Bid to Buy Paramount Global

By Jace Dela Cruz

Jan 31, 2024 03:00 AM EST

Byron Allen, through his company Allen Media Group, has made a substantial $30 billion bid to acquire Paramount Global, including its outstanding stock and existing debt, as reported first by Bloomberg

This move is part of a larger trend in the entertainment industry, with Paramount Global being a focal point for various potential deals. 

(Photo : CHRIS DELMAS/AFP via Getty Images)
The Paramount+ logo is seen inside the convention center during San Diego Comic-Con International in San Diego, California, on July 22, 2023.

Paramount Global Acquisition

The $30 billion offer encompasses both debt and equity and is seen by Allen Media Group as the optimal solution for Paramount Global shareholders. While Paramount Global has yet to comment on the bid, it marks a significant development in the ongoing merger and acquisition discussions surrounding the company.

Paramount Global, valued at $9.13 billion in market capitalization with a debt load exceeding $15 billion, is grappling with the challenges posed by the streaming era. Like other traditional media giants, the studio faces the impact of shifting consumer preferences away from linear broadcast and cable assets.

READ NEXT: Paramount Joins Industry Trend Layoffs to Cut Operating Costs 

Allen Media Group's Attempt

Allen Media Group's attempt to acquire Paramount Global adds complexity to the studio's existing negotiations. Skydance Media, led by David Ellison, has shown interest in taking control of Paramount Global by acquiring preferred voting shares held by controlling shareholder Shari Redstone.

Additionally, there have been informal discussions between Paramount leadership and Warner Bros. Discovery regarding potential collaboration, although recent reports suggest a cooling of those rumors.  

READ MORE: Apple and Paramount Streaming Bundle Report Spurs Rise in Media Stocks  

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