Media mogul Byron Allen is offering $14.3 billion to buy all shares of Paramount Global, offering a premium price.
The total value of the deal is about $30 billion, including existing debt. Allen Media Group is making the offer, while Paramount representatives declined to comment. Byron Allen's company argues that the offer is the best solution for Paramount Global shareholders and should be considered and moved forward.
See also: Vastaamo: Company hacker identified through Monero transactions
Media entrepreneur and producer Byron Allen is reportedly interested in buying Paramount, which is owned by the Redstone family. The company has been struggling financially with declining operating income and flat sales. Allen reportedly plansto sell Paramount's film studio, real estate and other intellectual property, but retain its television channels, including the service . His financing efforts include loans and investor participation.
Paramount, a subsidiary of CBS and Nickelodeon, has been in talks for months to be acquired by producer David Ellison, who has sent an offer to Paramount management, expressing interest in buying channels such as BET and VHF.
Read also: Ten-year agreement signed for Vodafone & Microsoft
Byron Allen's media acquisition efforts include previous bids for channels like the Weather Channel and Disney's ABC, but those negotiations fell through. If his bid for Paramount is accepted, he plans to keep his existing television assets in the new company.
Source: cnbctv18.com
