Byron Allen on Tuesday formally offered to buy Paramount Global for $14 billion.
According to Bloomberg, the offer Allen is said to have sent to Paramount’s board and senior management by text and email, proposes $28.58 for voting share and $21.53 to buy non-voting shares. The deal would include the assumption of Paramount Global’s debt, bringing the total cost to $30 billion.
“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. 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,” a representative for Allen said in a statement provided to TheWrap.