Byron Allen has set his sights on Paramount, making a bold move with a $14.3 billion offer to acquire all outstanding shares of Paramount Global. In a statement released by his company, Allen Media Group, it was revealed that the proposed deal would also involve assuming Paramount’s hefty $15 billion debt load, offering shareholders a significant 50% premium over recent trading prices.
The statement emphasized Allen’s belief that this comprehensive $30 billion offer, encompassing both debt and equity, presents the optimal solution for Paramount Global shareholders and should be seriously considered and pursued. Allen’s AMG empire includes notable assets such as The Weather Channel, various local TV stations, The Grio, and a syndicated TV content business.
Renowned for his strategic acumen and aggressive negotiation tactics, Byron Allen’s pursuit of growth has been relentless. His company recently expanded its board, signaling a commitment to exploring new avenues for expansion.
The specifics of Allen’s strategic partners in the bid remain undisclosed, as do any potential contingencies. Eddie Murphy, in a 2020 profile, likened Allen’s approach to a game of chess, highlighting his patience and ability to capitalize on opponents’ missteps.
This isn’t Allen’s first encounter with Paramount. Last year, he was part of a group, including Tyler Perry and Sean “Diddy” Combs, that considered acquiring BET from the company before the division was ultimately retained. Allen’s persistence and strategic prowess suggest that his latest bid for Paramount Global should not be underestimated.
