Byron Allen has placed a significant proposal on the table once again.
The Hollywood Reporter states Allen Media Group is looking to place a $14.3 billion offer to purchase Paramount Global’s remaining shares. If the deal is approved, Allen Media Group will acquire Paramount’s debt as well, which is estimated to be $15 billion.
“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,” the statement read, according to the outlet. “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.”
This isn’t Allen’s first proposal to acquire another media giant. As AFROTECH previously told you, the billionaire was looking to purchase BET Media Group, when it had been put up for sale by Paramount Global in 2023. Ultimately, Paramount Global would retract its proposal in August 2023, opting to no longer sell its majority stake, the Associated Press reports.
However in the most recent updates, it is rumored the entertainment conglomerate is looking to sell BET Media Group to a management-led investor group, per Bloomberg.
Allen is very well still interested in acquiring the network and has placed his own bid of $3.5 billion for BET and VH1.
“You are pursuing an inside sale at a below-market price with management that will not yield the highest price for the stockholders,” Allen wrote in an email to Paramount Global’s management and board, according to 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.”