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TRENDING
Feb. 5, 2024
Paramount Global Faces Major Bid as Byron Allen Offers $30 billion Buyout
This comprehensive offer includes $14.3 billion for the purchase of all outstanding shares and an additional $15 billion to settle Paramount's existing debt. By: Wee Yan Ling
The bid represents a 50% on recent trading prices and proposes $28.58 for voting shares and $21.53 for non-voting shares of Paramount. Allen Media Group, along with its strategic partners and displayed their confidence in the offer’s potential, highlights it as the optimal solution for Paramount Global shareholders and warrants serious consideration and pursuit.
Byron
Allen is renowned for his myriad of media ventures and has hit the headlines in
recent times for his $3.5 billion bid to acquire BET Media Group from
Paramount. However, his focus has diverted to a more ambitious endeavour —
acquiring the entirety of Paramount Global.
Paramount
Global’s CEO had established a strategic shift on emphasising on Hollywood hits
to counter the problems surfaced. The next 12 months, we will witness a
concentrated effort on propelling the revenue growth and profitability for
Paramount’s streaming services, including Halo and Yellowstone SVOD
Paramount+.
More
lay-offs are to be anticipated especially following the recent cuts which
included the Smithsonian Channel and the merging of Showtime and MTV
Entertainment Studios teams.
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