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by Derek Main
January 31, 2024
Buyers jumped on Paramount International’s inventory amid information of Byron Allen rising as an sudden bidder to buy Paramount International.
Selection reported shares of Paramount International rose greater than 13% in early buying and selling Wednesday on the heels of the Allen Media Group’s unsolicited $30 billion acquisition provide to amass the leisure big.
The inventory was buying and selling at over $15 a share. Nevertheless, it was nonetheless properly beneath its 52-week excessive of $25.93 a share. The Allen Media Group’s $30 billion provide would assume Paramount’s debt, and the group stated in a press release that they’ve a number of unnamed “strategic companions” to fund the acquisition.
If the Allen Media Group is profitable, it plans to dump Paramount Photos, Paramount International’s actual property belongings, and a few of its mental property, whereas retaining the corporate’s TV networks and Paramount+ streaming service and working these “on a extra cost-efficient foundation,” in accordance with the Bloomberg information.
Byron Allen has been attempting to amass a TV community for a while. Final yr alone, Allen made a $3.5 billion bid to buy BET and VH1 and a $10 billion bid to amass ABC Networks. He additionally thought of buying a number of tv stations from E.W. Scripps.
Paramount International’s TV enterprise consists of CBS, Nickelodeon, MTV, Comedy Central, and BET. Nevertheless, Paramount has suffered from a decline in promoting and viewership, and its streaming division continues to be within the pink. As of September, it reported $15.6 billion in long-term debt, and Paramount International has been rumored to be mass layoffs in early 2024.
The Allen Media Group owns 36 ABC-NBC-CBS-FOX community affiliate broadcast tv stations in 21 U.S. markets, and twelve 24-hour HD tv networks serving practically 220 million subscribers, together with the Climate Channel and Pets.TV, Comedy.TV, Recipe.TV, Automobiles.TV, ES.TV, MyDestination.TV, JusticeCentral.TV, and TheGrio.TV. The Allen Media Group additionally owns The Grio, HBCUGO, and LOCAL NOW.
RELATED CONTENT: Byron Allen’s Media Group Names 6 Executives To Board Of Administrators
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