Byron Allen Makes $30 Billion Debt & Equity Offer To Purchase Paramount Global: ‘The Bid Should Be Taken Seriously & Pursued’
Media mogul Byron Allen is beefing up his proposition to become the next owner of BET.
According to reports, the 62-year-old’s media company recently submitted a new offer to Paramount Global, the parent company of BET, and is seeking to strike a deal that will allow him to purchase the entirety of their outstanding shares.
Reportedly, the proposal from Allen Media Group included an offer to pay $14.3 billion to the company while taking on their $15 billion debt. In a statement regarding the offer, Byron Allen’s reps reportedly wrote:
“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…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’s newest bid comes just a month after the billionaire committed to paying Paramount $3.5 billion to purchase BET and its affiliated content outlets alone, including BET+. As previously reported, the media conglomerate was feeling out potential offers early in the year for the Black Entertainment Network, attracting Allen’s attention, as well as his fellow media titans Tyler Perry and Sean ‘Diddy’ Combs. After months of offers and negotiations, however, they ultimately decided not to part ways with the branch.
However, it seems that Allen, who is reportedly well known for his aggressive negotiation tactics, was not willing to take no for an answer. Before the year ended, he expanded his board of directors and made a new bid for BET that was above the original asking price. It has not been reported that a deal between AMG and Paramount was ever reached.
At present, Allen’s company owns The Weather Channel, The Grio, several local TV stations, a syndicated TV content business, along with other ventures. It does not appear that Paramount has responded publicly to his offer at this time.
Do you think Byron Allen will be successful in his pursuit of Paramount Global? Leave your predictions in the comments section below!