Byron Allen Submits $30 Billion Bid for Paramount

If Accepted, Allen Plans to Sell Paramount Film Studio and Other Assets While Keeping TV Properties

Media mogul Byron Allen has submitted a $30 billion bid to buy all of Paramount Global's outstanding shares, which includes the assumption of $15-$16 billion in debt.
Paramount's board has formed an independent committee to consider strategic alternatives, including a possible auction of the company.
If the bid is accepted, Allen plans to sell the Paramount film studio, real estate and other intellectual property while keeping the TV properties, including its Paramount+ streaming service.
Allen has a history of making offers on major media assets, but his recent media buyout offers have failed to materialize into sales.
Shares of Paramount were up about 8% Wednesday afternoon and have risen more than 35% in the past three months as talks of a deal ramped up.