Media mogul Byron Allen has made a $30 billion bid for Paramount Global (PARA.O), opening the door to new terms, including debt and equity, according to an email from Allen Media Group to Reuters on Tuesday. Bloomberg News was the first to break the story.
The CEO of Warner Bros. Discovery (WBD), David Zaslav, and Paramount Global Chief Executive Officer Bob Bakish met just last month to discuss a possible merger.
Both businesses were said to have hired bankers then, but the discussions were only getting started. The $30 billion remaining in the deal would be applied to current debt. Less than a month has passed since Allen Media Group’s initial $3.5 billion offer to buy BET Media Group was made.
According to Bloomberg, Allen would have to pay $28.58 for each voting share and $21.53 for each non-voting share as part of the agreement.
The value of all outstanding shares is now $14.3 billion.
The $30 billion remaining in the deal would be applied to current debt. Less than a month has passed since Allen Media Group’s initial $3.5 billion offer to buy BET Media Group was made.
Byron Allen made a $14.3 billion offer to purchase all of the outstanding shares of Paramount Global, according to Bloomberg News, which broke the story first and quoted people familiar with his recommendations.
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