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Published 4 months ago

Allen Media Group Makes $14.3 Billion Offer for Paramount Global

  • Media mogul Byron Allen has made a $14.3 billion offer to purchase all outstanding shares of Paramount Global, including debt and equity.
  • Allen's plan involves selling off the Paramount film studio, real estate, and some intellectual property while retaining the TV channels and running them more cost-efficiently. He has secured backing from banks and other investors.
  • Paramount, owned by the Redstone family, has been the subject of acquisition discussions due to declining operating income. Other entertainment giants have also faced losses from streaming services, leading to cost-cutting measures.
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