American media magnate Byron Allen has filed a bid to buy out the outstanding shares of Paramount Globa and its debt. Paramount itself is valued at 14 billion dollars, and another 16 billion dollars is its debt load. So Byron Allen, and a group of investors he heads, are willing to pay about $30 billion for the Hollywood major.
“Mr. Byron Allen has indeed submitted a bid on behalf of Allen Media Group and its strategic partners to purchase all of Paramount Global. We believe that this offer, which includes debt and equity, is the best solution for all Paramount Global owners and the bid should be taken seriously,” Allen Media Group said in a statement.
Note that Paramount is one of the crown jewels of the global media empire controlled by the Redstone family. In the first nine months of last year, the company generated operating income of $1.87 billion, down 30 percent from a year earlier.
