Byron Allen bids $14.3 billion for Paramount Global
Byron Allen has made a $14.3 billion bid to buy Paramount Global, jumping into the race to scoop up the media empire.
Driving the news: Allen has offered $28.58 each for the voting shares of Paramount, and $21.53 for the non-voting shares, according to a source familiar with the matter. Including debt, the offer rises to around $30 billion.
What they're saying: "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," his company said in a statement to Axios.
- "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."
- Paramount declined to comment. Bloomberg was first to report the offer.
Yes, but: Allen is known for making bold bids for media companies — efforts that have all fallen short after initial buzz.
- Allen has launched large, separate acquisition moves for ABC, BET, and media group Tegna, all within the past few years, and all of which never materialized.
Catchup quick: Allen's Paramount bid comes as Skydance Media CEO David Ellison is pursuing an all-cash offer for Paramount's parent, National Amusements.
- With majority control of NAI, the group would then merge Paramount Global with Skydance, according to reports.
- Ellison hopes to control Paramount's cable-television networks, which include Nickelodeon, Comedy Central and MTV, as well as its movie theaters.
What we're watching: Whatever bidder nudges ahead in the race for Paramount needs Shari Redstone's blessing, and that will not come easily.
Editor's note: This story was updated with Axios sourcing confirming the terms of the offer.