Byron Allen Submits $14.3 Billion Bid For Paramount Global
Written by on February 3, 2024
Media mogul Byron Allen has made a bold move with a $14.3 billion bid to acquire Paramount Global, as reported by The Post. Simultaneously, Paramount’s board, led by media heiress Shari Redstone, has initiated discussions about potential strategic alternatives, including a potential auction of the entertainment giant.
The offer by Allen, who also owns the Weather Channel, includes acquiring all outstanding shares of Paramount Global and assuming the company’s $15.6 billion debt. Paramount Global, known for its movie studio, CBS, and cable networks like MTV, BET, Nickelodeon, and Comedy Central, experienced a more than 6% surge in its shares following the news.
