Media mogul Byron Allen has made headlines with his bold move to acquire Paramount Global, the parent company of popular networks like BET, in a $30 billion bid. This offer, comprising both debt and equity, has stirred up significant interest among investors, Deadline reported.

Allen, who owns The Weather Channel, has submitted a comprehensive bid through his company Allen Media Group and strategic partners. The proposal aims to purchase all outstanding shares of Paramount Global, signaling a potential restructuring of the media conglomerate.

The bid comes amidst ongoing speculation about Paramount Global’s future, with reports of other potential suitors like Skydance Media’s David Ellison eyeing the company. Allen’s offer, however, represents a substantial premium over recent trading prices, indicating a serious intent to secure ownership.

The proposed strategy involves selling off certain assets of Paramount Global, including the film studio, real estate, and intellectual property, while retaining control over linear networks like BET and streaming platform Paramount+. This approach aligns with Allen’s vision of operating the acquired entities more efficiently.

Investors have reacted positively to Allen’s bid, with Paramount Global’s stock experiencing a surge following the announcement. Shares rose by over 13 percent initially, Variety reported.

Still, investors are concerned about the financial health of Paramount Global, particularly in light of its substantial debt burden and operational challenges. Allen proposes to streamline operations and focus on key assets.

The Allen Media Group released a statement that read, “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.”

Allen reportedly sent the bid via email and text message.

Byron Allen, Photo: All Media Group website, https://allenmediabroadcasting.com/about.html