Media entrepreneur Byron Allen is back at bidding for TV companies, and this time for Paramount Global. In the past he was looking to buy just Paramount’s BET for $3 billion, now he’s looking at the whole group for $14.3 billion, to be paid in cash, plus absorbing $15.7 billion of its debt.
Previously, Allen bid $10 billion for Disney’s ABC TV network, and originally he bid $18.5 billion for Paramount Global.
If this time Allen succeeds, he will surely upgrade his moniker from “entrepreneur” to “media mogul.” What is certain is that, with each bidding, Paramount’s shares go up (24 percent this time), which could be seen as an alternative Wall Street strategy.
According to Allen, the latest Paramount’s bid would be financed by a combination of security debt, notes and equity.
Recently, Paramount has also become an object of desire for Warner Bros. Discovery and Skydance Media.
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