All articles tagged with #byron allen
Two Alabama TV stations, WAAY in Huntsville and WCOV in Montgomery, are part of a $171 million deal where Allen Media Group sold 10 stations to Gray Media, pending FCC approval, as part of a broader sale of 28 stations across the US.
Byron Allen's Allen Media Group sold 10 local TV stations to Gray Media for $171 million, expanding Gray's presence into three new markets and strengthening its local news and programming offerings, with the deal expected to close in Q4 after regulatory approval.
Byron Allen's Allen Media Group has sold 10 local TV stations to Gray Media in a $171 million deal, expanding Gray's portfolio and entering three new markets, with the deal expected to close in Q4 pending FCC approval.
McDonald's settled a $10 billion discrimination lawsuit filed by Byron Allen's media company, which accused the fast food giant of discriminatory practices against Black-owned media. The settlement includes a commercial agreement where McDonald's will continue purchasing advertising from Allen's company, with no admission of wrongdoing, and the lawsuit will be dismissed. The case highlighted issues of racial discrimination in advertising practices.
Byron Allen's $100 million lawsuit against McDonald's for allegedly not increasing advertising with Black-owned media companies has been dismissed by a Los Angeles Superior Court judge, who ruled that the evidence failed to show nonperformance or intent not to perform. McDonald's plans to continue collaborating with diverse-owned partners, while Allen's team plans to appeal the decision and pursue a separate racial discrimination lawsuit against the company.
Byron Allen's Allen Media Group lost a $100 million fraud lawsuit against McDonald's, which accused the fast food giant of lying about increasing ad spending with Black-owned media. The court dismissed the suit, stating that McDonald's still has time to fulfill its pledge and that the lawsuit was filed prematurely. Despite this dismissal, a separate racial discrimination lawsuit against McDonald's from Allen Media Group is still ongoing in federal court.
Media mogul Byron Allen is pursuing a $14 billion bid to acquire Paramount Global's television networks and stations, aiming to sell off key assets such as the studio lot, film studio, and popular franchises. This move would expand Allen Media Group's television holdings and comes after Allen's previous bid to acquire Disney's ABC network. Paramount is considering the sale amid significant value loss in the entertainment business, with other potential suitors including Skydance Media, Warner Bros Discovery, and Apollo Global.
Media mogul Byron Allen's Allen Media Group has offered to buy Paramount Global for $14.3 billion, with the deal including the company's debt totaling around $30 billion. The offer, which is roughly 50% higher than the 90-day average of both classes of Paramount Global shares, aims to acquire the film studio, real estate, and intellectual property assets while retaining the TV channels and Paramount+ streaming service. Paramount's stock surged after the news, and the company owns various TV networks, including CBS, Comedy Central, Nickelodeon, and MTV. Allen Media Group previously attempted to buy BET from Paramount and also owns TheGrio and The Weather Channel.
Byron Allen's $30 billion bid for Paramount has sparked uncertainty on Wall Street, with the stock price rising but still below Allen's offer. While Allen has a history of pursuing deals that didn't materialize, he has also successfully completed acquisitions in the past. Analysts are divided on the feasibility of the bid and the potential for turning around Paramount's linear TV business. Allen's interest in linear TV assets contrasts with the industry trend towards streaming, and his bid could potentially attract other interested parties.
Paramount's board has formed an independent committee to consider strategic alternatives, including a possible sale, as media mogul Byron Allen submits a $14 billion bid to buy the company. Allen plans to sell the Paramount film studio and real estate while keeping the TV properties if he acquires the company. Other prospective bidders for Paramount's parent company, National Amusements, include Apollo Global Management and Skydance Media. The debt-laden entertainment giant is also planning to slash hundreds of jobs to trim costs.
Byron Allen, founder and CEO of Allen Media Group, has offered $14 billion for Paramount Global, expressing confidence in his ability to finance the deal despite past unsuccessful bids for major media assets. Allen's history of making offers on significant media properties includes failed attempts to acquire Black Entertainment Television, VH1, television stations from E.W. Scripps, ABC, Disney's linear TV assets, and the Washington Commanders. His bid for Paramount is the most ambitious yet, as he aims to acquire the company for its linear networks amidst a shifting media landscape towards streaming. Despite Paramount's increased subscriber count on its streaming platform, Paramount+ has yet to turn a profit, and Allen believes he can manage the company's linear networks effectively. Shares of Paramount rose as talks of a potential deal intensified.
Byron Allen has offered a $30 billion deal to acquire Paramount Global, causing the company's shares to surge. The media mogul's bid includes debt and equity and is aimed at taking over the Shari Redstone-controlled company, amidst ongoing M&A chatter. Allen is interested in Paramount's television assets and Paramount+, while David Ellison is mainly eyeing the studio. Paramount CEO Bob Bakish acknowledged rival companies showing interest, emphasizing the need to focus on execution amid the speculation. Allen's offer includes assuming Paramount's $15 billion debt load, bringing the total deal value to $30 billion.
Media mogul Byron Allen made a $14.3 billion bid to acquire Paramount Global, causing the company's stock to surge. The bid represents a 50% premium to recent trading levels, and Allen plans to finance the deal by selling off certain assets while retaining the TV channels and Paramount+ streaming service. Paramount has been the subject of acquisition rumors, with potential buyers including Warner Bros. Discovery and private equity firms. The media industry is anticipating a potential M&A frenzy, with analysts predicting that Paramount's deal could trigger further consolidation in the sector.
Paramount Global's stock surged over 13% following news of Byron Allen's $30 billion bid to acquire the company, with Allen Media Group offering a 57% premium for the shares. The bid includes plans to sell off certain assets while retaining the TV networks and Paramount+ streaming service. However, the financing behind Allen's bid remains unclear, and other potential bidders are also in the mix. If successful, Allen would take control of a company facing challenges in its TV business and streaming division.
Byron Allen, media mogul and owner of Allen Media Group, has made a $14.3 billion offer to buy all outstanding shares of Paramount Global, including assuming the company's $15 billion debt load. The offer, which includes debt and equity, represents a 50% premium to recent trading prices and is backed by strategic partners. Allen, known for his aggressive negotiating tactics, has previously circled Paramount and is now making a significant play for the media company.