Byron Allen–owner of Allen Media Group, which includes The Weather Channel–has submitted a bid of $30 billion to Paramount Global in an effort to completely purchase the company.
A report from Bloomberg claims Allen’s offer includes paying for the debt and equity of the company.
Allen Media Group confirmed reporting from both Bloomberg and Deadline that an offer was submitted to the TV giant.
“Mr. Byron Allen did submit a bid on behalf of Allen Media Group and its strategic partners to purchase all of Paramount Global’s outstanding shares,” the statement read. “We believe 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.”
The Bloomberg report claimed Allen would sell the Paramount film studio, real estate, and IP. He would then keep the linear television networks and Paramount+.
The report added that $14.3 billion of Allen’s offer is for the outstanding shares of the company, which would price them at $28.58 per share. As of this publication, Paramount Global is trading at $15.37, up $1.69 since the news of Allen’s offer was unveiled.
It isn’t the first time Byron Allen has made a play for linear television networks. Late last year, he explored a potential purchase of ABC. However, he later revealed Disney CEO Bob Iger was “not ready” to pursue a sale of the channel.