Byron Allen Makes $30 Bln Bid For Paramount Global, Shares Up 8%

(RTTNews) - Byron Allen, an American businessman, film and television producer, and comedian as well as the founder of Entertainment Studios, has submitted a $30 billion offer for Paramount Global, including both debt and equity. Shares of Paramount jumped 8%, following the news.

The stock is currently trading at $14.75, up $1.07 or 7.82%, on the Nasdaq.

According to reports, Allen has offered $28.58 each for the voting shares of Paramount, and $21.53 for the non-voting shares. Including debt, the offer rises to around $30 billion.

"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," his company said in a statement to Axios. "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 is known for making such huge bids for media companies. In the past few years, Allen made independent attempts to acquire ABC, BET, and media conglomerate Tegna, all of which ultimately did not come to fruition.

Allen's Paramount bid comes as Skydance Media CEO David Ellison is pursuing an all-cash offer for Paramount's parent, National Amusements.

With majority control of NAI, the group would then merge Paramount Global with Skydance, according to reports.