Mogul Byron Allen’s reported $30bn bid to buy out Paramount Global ‘s outstanding stock and existing debt sent the media conglomerate’s stock up by nearly 9% on Wednesday.
Allen Media Group said Allen and strategic partners had made the bid, which comes after reports emerged in December that the mogul had made a $3.5bn offer for Paramount Global’s BET Media Group.
Allen Media group owns 10 cable networks and multiple broadcast stations in the US as well as Entertainment Studios and is understood to be interested in Paramount Global’s linear businesses – a sector which some leading lights in the media world have said is in terminal decline.
In recent weeks Skydance Media head David Ellison has been actively pursuing Paramount Global.
Last week reports circulated that the son of Oracle founder Larry Ellison made a preliminary offer to buy National Amusements, the Redstone family holding company which controls Paramount Global.
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