Paramount Global, the parent company of UK broadcaster Channel 5, is the subject of a $30 billion takeover bid from Allen Media Group (AMG).
AMG is owned by comedian-turned-investor Byron Allen.
“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,” AMG said in a statement. “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.”
AMG owns The Weather Channel, a number of local US TV stations, a syndicated distribution operation and Black-targeted news platform TheGrio, among other assets.
AMG is likely to face competition from a number of other suitors, including Skydance Media which has been rumoured to be considering a bid for Paramount Global for a number of months.
In December, it was revealed Warner Bros Discovery CEO David Zaslav had held talks with Paramount CEO Bob Bakish about a possible merger between the two companies.
