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Media mogul Byron Allen made a $14.3 billion bid for Paramount Global (NASDAQ: PAR).
According to a Bloomberg report, Allen offered $28.58 each for Paramount’s voting shares, a 50% premium over recent trading, and $21.53 for non-voting shares. last Tuesday, which cited people familiar with the matter. Including debt, the total value of the deal is $30 billion.
Allen’s company, Allen Media Group, confirmed it had made an offer in a statement to Bloomberg News. Representatives for Paramount, which owns the popular movie studio as well as cable networks CBS, MTV and Nickelodeon, declined to comment.
“This $30 billion offer, which includes debt and equity, is the best solution for all Paramount Global shareholders, and the offer should be taken seriously and pursued,” Allen’s company said in the statement.
Allen’s offer comes after Bloomberg reported last week that David Ellison had made a preliminary offer for National Amusements, the Redstone family company that controls the media giant. Ellison has also been in talks with Paramount (PARA) about merging its film and studio Skydance Media into the media company.
Allen wants to sell Paramount’s movie studio, real estate and some other intellectual property, according to a Bloomberg report on Tuesday. He wants to keep the TV channels, including the Paramount+ streaming service. Allen has banks and other investors ready to help finance a deal, the people said.
Bloomberg also reported earlier this month that Apollo Global (APO) is considering bidding for National Amusements, which owns movie theaters and controls 77% of Paramount’s voting shares. Apollo (APO) is one of several investors who have turned to the investment bank representing the Redstone family.
Last month, there were also reports that Warner Bros. Discovery (WBD) CEO David Zaslav had been in talks with Paramount (PARA) to discuss a potential merger.
According to the report, Allen sent his offer to Paramoutn (PARA) via text message and email to Paramount’s senior management and board members.
Allen has been interested in purchasing several media properties in recent years. The latest news on the media mogul comes after a September Bloomberg report that Allen had made a $10 billion offer to Walt Disney (DIS) to buy the ABC television network, local stations, as well as cable FX and National Geographic.
Allen, owner of the Weather Channel, was also reportedly one of the bidders for Paramount’s BET Media Group, owner of the VH1 and BET cable networks. Standard General outbid Allen in 2022 for an attempted $5.4 billion takeover of broadcaster Tegna ( TGNA ), a deal that never came to fruition last year after Standard General failed to obtain regulatory approval.
In November, Bloomberg reported that Alllen was considering a bid for several television stations at EW Scripps (SSP).