Byron Allen
Greg Doherty/Getty Photos for Byron Allen/Allen Media Group
Byron Allen is making a play for Paramount.
The comic-turned media mogul has made a $14.3 billion provide to purchase all excellent shares Paramount International, based on a press release from Allen’s firm.
The deal would additionally see Allen Media Group assume Paramount’s roughly $15 billion debt load, valuing the shares at a couple of 50% premium to their latest buying and selling costs.
“Mr. Byron Allen did submit a bid on behalf of Allen Media Group and its strategic companions to buy all of Paramount International’s excellent shares,” the assertion mentioned. “We imagine this $30 billion provide, which incorporates debt and fairness, is the perfect resolution for all the Paramount International shareholders, and the bid ought to be taken critically and pursued.”
Allen’s AMG owns The Climate Channel, a variety of native TV stations, The Grio, and a syndicated TV content material enterprise, amongst different ventures.
The mogul, who started his profession in Hollywood as a humorist (he nonetheless often performs), is understood for his aggressive negotiating techniques, and an unflinching want to develop his enterprise. AMG added a handful of latest board members late final yr because it sought new growth alternatives.
It’s not clear who Allen’s strategic companions are within the provide, or if there any contingencies.
“You realize how one can sum up Byron is his chess recreation,” Eddie Murphy advised The Hollywood Reporter in a 2020 profile of Allen. “Byron performed a variety of chess again within the early days. There was a gaggle of individuals on the town, like Berry Gordy and Jim Brown, who would fly in good gamers. I performed Byron loads. I’m a significantly better chess participant than Byron. Like, no person beats me. If I had performed Byron on the clock, I’d have killed Byron. However we didn’t play on the clock — we simply performed. And that’s Byron’s recreation. He’s tremendous affected person. He takes a very long time between each transfer. He does it till you get pissed off — and then you definitely do one thing silly, after which all he wants is slightly tiny crack. Only a pawn, any sort of benefit, and he had you. That’s Byron in a nutshell.”
Allen has additionally circled Paramount earlier than. Final March, he was among the many bidders (alongside Tyler Perry and Sean “Diddy” Combs) who explored buying BET from the corporate, earlier than it determined to not half methods with the division.
Bloomberg first reported the provide.
Extra to return.
