comscore
Byron Allen Wants To Purchase Paramount Global For $14 Billion

Byron Allen Wants To Purchase Paramount Global For $14 Billion

01/31/2024 12:11 PM EST by Krista B.

Byron Allen is getting ready to make a big purchase. 

It has been reported that the media is planning to purchase Paramount Global for $14 billion. This announcement comes after Tyler Perry and other buyers tried to purchase BET through the CBS Entertainment Group. Perry was reportedly close to closing the deal, however, it didn’t go through after the negotiations were dropped. 

Allen has offered to buy all shares for Paramount Global according to a statement from his team. “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,” the statement read. “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.”

In Spring of 2023, Allen spoke on expanding his media empire. “We plan to buy more [local TV stations], we really like that,” he said. “We’re going to buy more cable networks. We’re very acquisitive. We’re going to buy whatever we can that makes sense. I will say we are truly aggressive when it comes to acquisitions. If it’s for sale — if it’s a lemonade stand — we want to buy it. It has to have a video monitor, it just can’t be lemonade, it has to have a video monitor so we can program that.”