Byron Allen has entered the fray for Paramount Global, submitting a bid valued at $30 billion to buy out the company’s outstanding stock and existing debt.
The offer, first reported by Bloomberg News, comes from Allen Media Group and unnamed “strategic partners,” according to a statement from Allen Media Group.
“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 sheres. 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 Media Group said.
A representative for Paramount Global declined to comment.
More to come
