Paramount board takes steps toward sale as Byron Allen submits $14B buyout bid
NY Post
Paramount has taken initial steps toward a possible sale of the entertainment giant – even as media mogul Byron Allen submitted $14 billion buyout bid, The Post has learned.
The company’s board has formed an independent committee outside of Shari Redstone — the media heiress who owns a controlling stake in Paramount — to consider strategic alternatives including a possible auction of the company, two sources close to the situation said.
The board’s move comes as comedian-turned-investor Allen, who also owns the Weather Channel, said he made a $14.3 billion offer to buy all of the outstanding shares of Paramount Global. The firm also offered to assume Paramount’s $15.6 billion in debt.
Shares of Paramount Global — which in addition to its namesake movie studio owns CBS and cable networks including MTV, BET, Nickelodeon and Comedy Central — rose more than 6% Wednesday.
Nevertheless, some were skeptical whether Allen’s bid will result in a deal.
Sources close to the situation said Paramount Global hasn’t yet responded to Allen’s overture.