Media mogul Byron Allen has proposed a $14.3 billion bid to acquire all outstanding shares of Paramount Global (PARA), according to Bloomberg News.
Allen's offer stands at $28.58 per voting share, a 50% premium, and $21.53 for each non-voting share. This deal, which also factors in existing debt, brings the total valuation to around $30 billion.
Shares were up 20.6% in pre-market trading Wednesday.
The bid was confirmed by Allen Media Group in a statement to Bloomberg News.
“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,” Allen’s company said in the statement.
Accordingly, Allen's strategy involves selling off Paramount's film studio, real estate, and some intellectual property, while retaining and efficiently managing the TV channels, including Paramount+.
He reportedly has support from banks and other investors for this plan.
Paramount has been considered a target for acquisition since last year when independent producer David Ellison showed interest in buying out the Redstone family’s shares.