Byron Allen Makes $30 Billion Cash and Debt Bid for Paramount Global

By Daniel Frankel
( NextTV )
published

Backed by unnamed 'strategic partners,' Allen Media Group reportedly proposed a deal involving $14.3 billion in cash and the assumption of $15 billion in debt

Byron Allen
(Image credit: Allen Media Group)

Comedian-turned-mogul Byron Allen and his Allen Media Group (AMG) have rendered a $30 billion bid to acquire Paramount Global. 

“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,” AMG said in a statement. “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.”

According to Bloomberg, which originally reported the news, Allen Media Group would put up $14.3 billion in cash, while assuming around $15 billion in debt. 

AMG owns The Weather Channel, a number of local TV stations, a syndie distribution operation and Black-targeted news platform TheGrio, among other assets. 

He's currently bidding against David Ellison's Skydance Media Group, which is also exploring a purchase of Paramount. 

Allen has a history of making big acquisition bids that don't go anywhere, including a $10 billion offer to Disney in September for the ABC owned-and-operated stations, an $8.5 billion run at station group Tegna in May 2020, and a $3.5 billion bid to Paramount just for cable network BET last month. 

At least one celebrity analyst isn't taking Allen's bid too seriously. 

Daniel Frankel
Daniel Frankel

Daniel Frankel is the managing editor of Next TV, an internet publishing vertical focused on the business of video streaming. A Los Angeles-based writer and editor who has covered the media and technology industries for more than two decades, Daniel has worked on staff for publications including E! Online, Electronic Media, Mediaweek, Variety, paidContent and GigaOm. You can start living a healthier life with greater wealth and prosperity by following Daniel on Twitter today!