*Byron Allen has submitted a $30 billion offer to buy all of Paramount Global’s outstanding stock, existing debt, and equity, Allen Media Group said in a statement on Tuesday.
Bloomberg News first reported that Allen made a $14.3 billion offer to buy Paramount Global’s outstanding shares.
“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 said, according to THR. “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.”
Per a press release: Allen Media Group owns 27 ABC-NBC-CBS-FOX network affiliate broadcast television stations in 21 U.S. markets and twelve 24-hour HD television networks serving nearly 220 million subscribers: THE WEATHER CHANNEL, THE WEATHER CHANNEL EN ESPAÑOL, PETS.TV, COMEDY.TV, RECIPE.TV, CARS.TV, ES.TV, MYDESTINATION.TV, JUSTICE CENTRAL.TV, THEGRIO TELEVISION NETWORK, THIS TV, and PATTRN.
Allen Media Group also owns the streaming platforms HBCU GO, THE GRIO STREAMING APP, SPORTS.TV, THE WEATHER CHANNEL STREAMING APP, and LOCAL NOW, the free-streaming AVOD service powered by THE WEATHER CHANNEL and content partners, which delivers real-time, hyper-local news, weather, traffic, sports, and lifestyle information.
Allen Media Group produces, distributes, and sells advertising for 73 television programs, making it one of the largest independent producers/distributors of first-run syndicated television programming for broadcast television stations.
As Variety reports, “Paramount Global’s major assets include Paramount Pictures, the Paramount+ with Showtime streaming service, CBS, Nickelodeon, MTV, VH1, Comedy Central, BET Networks and international broadcasters such as the U.K.’s Channel 5 and Argentina’s Telefe,” the outlet writes.
Last year, Allen offered $3.5 billion to take over Paramount Global’s BET Media Group, Variety reported.
He previously bid $2.7 billion when Paramount Global announced in March that it was exploring the sale of BET. At the time, bidders included Tyler Perry and Sean “Diddy” Combs.
In August, however, Paramount Global backed away from the plan, saying the sale would not generate enough profits.
“We made this decision because the benefits of maintaining a majority stake in BET Media Group creates more value for Paramount than any of the proposals we received,” a source from Paramount reportedly told the New York Post, according to Vibe.
READ MORE: Byron Allen Renews Offer to Buy BET for $3.5 Billion
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