In a latest development, media mogul Byron Allen has offered to buy Paramount Global. The Allen Media Group(AMG) and Byron’s strategic partners have bidded more than $14 billion for the deal. The statement was made by Allen’s company however there is no official clarification about the deal.
The deal also includes absorbing the huge $15 billion debt of Paramount Global. The effective deal would eventually cost $30 billion for both the debt and equity of the company. The AMG is hopeful that Paramount would consider their offer seriously.
The outstanding debt of Paramount is a serious concern for the company and a buyout cannot be ruled out of the table. The growing competition from other studios and the streaming platforms have resulted in losses for the company.
Byron Allen started his career as a stand up in Hollywood and slowly got into the media business. He owns The Weather Channel and many other local TV stations as well. Byron had tried to make a deal with Paramount last year as well.
