Byron Allen, offering $14 billion for Paramount, has a long history of media bids that haven't materialized
Publishing timestamp: 2024-01-31 16:38:13
Summary
Byron Allen, media mogul, has offered $14 billion to buy Paramount Global. He claims to have the money to finance the deal, but the certainty of the deal depends on the Federal Communications Commission. Allen has a history of making offers on major media assets, but few have resulted in sales. The media landscape is shifting towards streaming, and Allen's bid for Paramount comes as the company's direct-to-consumer products have failed to turn a profit. The article also mentions other recent deal attempts by Allen and the performance of Paramount's stock.
Sentiment: MIXED
Tickers: SSP, TGNA, PARA, NFLX, WBD, DIS,
Keywords: business, netflix inc, mergers and acquisitions, walt disney co, tegna inc, paramount global, media, warner bros discovery inc, business news, breaking news: business, scripps e w /de co, byron allen, television,