![]() Also angling to acquire the media conglomerate is Skydance Media’s David Ellison, who has been in talks to acquire Shari Redstone’s National Amusements Inc. Meanwhile, Paramount Global has been rumored to be looking at mass layoffs in early 2024.Īllen’s takeout of Paramount is not a fait accompli. If successful in swinging a deal, Allen would sell off Paramount Pictures, Paramount Global’s real estate assets and some of its intellectual property, while retaining the company’s TV networks and Paramount+ streaming service and operating those “on a more cost-efficient basis,” according to the Bloomberg report, citing anonymous sources. Reached Wednesday, a Paramount Global rep declined to comment. The $30 billion price tag would include the assumption of debt Allen Media said in a statement that it has lined up unnamed “strategic partners” to fund the transaction. 30 closing price of $13.68 - and $28.58/share for the Class A voting stock, per Bloomberg, which first reported the proposal. By the end of the session, amid declines across major market indexes, enthusiasm had cooled: Paramount closed up 6.7%, to $14.59.Īllen Media Group is offering $21.53 per share for all of Paramount Global’s Class B nonvoting stock - a 57% premium over the Jan. The stock was trading in heavy volume at over $15/share - though still well under its 52-week high of $25.93. Shares of Paramount Global rose more than 13% in early trading Wednesday on news that the media mogul’s Allen Media Group made an unsolicited $30 billion acquisition offer to acquire the entertainment conglomerate. ![]() UPDATED: Investors rallied behind Paramount Global‘s stock after Byron Allen emerged as an unexpected bidder in the latest twist in the media company’s ongoing M&A drama.
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