Byron Allen Becomes Latest Suitor for Paramount Global, Makes $30 Billion Offer
Allen has made offers on everything from ABC to BET in the past year, and now he has his sights set on Paramount.
It seems that Byron Allen’s money is burning a hole in his pocket. The billionaire owner of Allen Media Group is launching his latest attempt to make a splashy acquisition, and his latest target is his most ambitious yet. Bloomberg reports that Allen has made a bid totaling $30 billion in value for Paramount’s voting stock and debt.
- Allen would reportedly keep Paramount’s linear networks and Paramount+, but sell its movie studio and some IP.
- Previous pursuits by Allen include an offer for ABC, and two attempts to purchase BET from Paramount.
- The billionaire believes he stands a better chance of winning regulatory approval for the deal than some other potential bidders.
What Would Happen to Paramount+ if Byron Allen Acquires Paramount?
Bloomberg’s report indicates that Allen would keep Paramount-owned linear networks like CBS, Nickelodeon, Paramount Network, and MTV, as well as its streaming service Paramount+. His plan is to attempt to make those media assets more efficient, while selling off the Paramount movie studio, some of its real estate and intellectual property.
“This $30 billion offer, which includes debt and equity, is the best solution for all of the Paramount Global shareholders, and the bid should be taken seriously and pursued,” said a statement from Allen Media Group about the offer.
It’s not known which IP specifically would be kept and what would be sold, but Allen will have to be careful when picking and choosing if he plans to sell any of Paramount’s top franchises. The company holds the rights to popular IP like the Taylor Sheridan universe of shows including titles like “Yellowstone” and “Lawmen: Bass Reeves,” the Star Trek franchise, procedural crime shows like “NCIS” and much more, and if Allen intends to keep Paramount+ he’ll need many of these properties as cornerstones of the streamer.
Allen believes he has a good shot at winning regulatory approval should Paramount accept his offer. He does own a group of local TV stations in markets across the United States, as well as the Weather Channel, and other linear assets, but his station group isn’t large enough to warrant concerns that regulators will put the kibosh on his efforts to land Paramount.
Who Wants Byron Allen’s Money?
This is not the first high-profile pursuit of a big-name media asset that Allen has undertaken in the past year. Allen signaled his interest in purchasing BET+, the BET linear channel, and other assets from Paramount in spring 2023, but in August Paramount decided to pull BET Media Group off the table. Allen renewed his interest in BET in December, but there has been no word from either side on progress for that deal. Purchasing Paramount’s voting shares would allow Allen to acquire BET as well.
Allen also lodged a $10 billion bid for ABC when it looked possible that Disney would sell off its linear assets last summer. But while Allen’s interest was sincere, Disney changed its mind about its willingness to part with the channel, and talks soon fizzled out.
Paramount has had its fair share of interest in the past few months. It started with Warner Bros. Discovery, which made its desire to acquire Paramount clear in late December. WBD’s own financial situation and regulatory concerns make an acquisition of Paramount highly unlikely, but Skydance Media might stand a better chance. The production house has teamed with Paramount to create hits like “Top Gun: Maverick,” and has made an offer that would likely see Paramount become a private company if it were accepted.
Allen seemingly has as good a chance as anyone to actually close a deal for Paramount, but there are plenty of questions left to answer. The future of Paramount could be decided in the next few months, and that fate depends entirely on if — or whether — control of the company changes hands and who gets it.
Paramount Plus
Paramount+ is a subscription video streaming service that includes on-demand access to 40,000+ TV show episodes from BET, CBS, Comedy Central, MTV, Nickelodeon, Nick Jr. and more. The lineup includes “1883,” “Tulsa King,” “Star Trek: Discovery,” Nickelodeon’s “SpongeBob SquarePants,” and “PAW Patrol.” Subscribers can watch the NFL, college football, The Masters, college basketball, UEFA Champions League, UEFA Europa, Serie A, and NWSL. The service also offers the option to watch your live CBS affiliate. The upgraded ad-free package includes premium movies and shows from Showtime.