Media Bids

"Byron Allen's $14 Billion Bid for Paramount Global: A History of Media Bids"

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.