Byron Allen Bids for Paramount Global

Media mogul Byron Allen has made a $14.3 billion bid to buy all of the outstanding shares of Paramount Global.

According to reports, Allen offered $28.58 each for the voting shares of Paramount and $21.53 for the non-voting shares. The proposal totals $30 billion with the assumption of an existing $15 billion of debt.

“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,” a statement from Allen Media Group said. “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.”

Allen founded Allen Media Group (Entertainment Studios) in 1993. Its footprint spans 21 U.S. markets and 12 24-hour HD television networks serving nearly 220 million subscribers: The Weather Channel, Pets.TV, Comedy.TV, Recipe.TV, Cars.TV, Es.TV, Mydestination.TV, Justicecentral.TV, Thegrio.TV, This TV, Local Now TV and Pattrn. Allen Media Group also owns The Grio, HBCUgo and Local Now, the free–streaming AVOD service powered by The Weather Channel and content partners. Allen Media Group also produces, distributes and sells advertising for 73 television programs. Allen Media Group International has active license agreements and programming in South Africa, the United Arab Emirates, Australia, the Bahamas, Canada and New Zealand.