Wall Street Breakfast
Byron Allen makes $14B offer for Paramount Global
Jan 31, 2024
Media mogul and entrepreneur, Byron Allen, makes a $14B offer for Paramount Global. Other topics covered include Tesla CEO Elon Musk's voided pay package, Walmart's 3-for-1 stock split, and various stock updates and market/economic concerns.
07:59
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Quick takeaways
- Byron Allen offers $14.3B for Paramount Global, aiming to sell certain assets and retain TV channels.
- Delaware judge invalidates Elon Musk's $55.8B pay package, criticizing the board's evaluation of the plan.
Deep dives
Paramount Global Receives $14 Billion Acquisition Offer
Paramount Global has experienced a surge in pre-market trading following media mogul Byron Allen's $14.3 billion bid for the company. The offer includes a 50% premium to recent trading for voting shares and $21.53 per share for non-voting shares. Allen aims to sell Paramount Film Studio, Real Estate, and certain intellectual property, while retaining TV channels such as Paramount Plus streaming service. His company, Allen Media Group, has secured financing for the deal, and believes that this $30 billion offer, including debt and equity, is the best solution for Paramount Global shareholders.
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