Paramount Global Stock Leaps on Potential Takeover Bid
Shares in media and entertainment giant, Paramount Global (Nasdaq: PARA), are up nearly 10% in intraday trading on Wednesday after Allen Media Group made a $14.3 billion offer for the company today. The bid involves purchasing Paramount’s outstanding shares at $28.58 each for voting shares, marking a 50% premium compared to recent trading levels, and $21.53 for non-voting shares. Including existing debt, the total value of the deal amounts to roughly $30 billion.
Byron Allen’s previous successful ventures and media entrepreneurship add weight to this bid, making it a significant development in the media industry. Paramount Global’s response and the subsequent market reactions will be closely watched as this potential acquisition unfolds.
Paramount’s market cap stands at $9.767 billion and more than 65 million shares changed hands today, well above the company’s usual volume of around 16 million shares.
About Paramount
Paramount Global (NASDAQ: PARA, PARAA) is a leading global media, streaming and entertainment company that creates premium content and experiences for audiences worldwide. Driven by iconic consumer brands, Paramount’s portfolio includes CBS, Paramount Pictures, Nickelodeon, MTV, Comedy Central, BET, Paramount+, Paramount+ with SHOWTIME and Pluto TV. Paramount holds one of the industry’s most extensive libraries of TV and film titles. In addition to offering innovative streaming services and digital video products, the company provides powerful capabilities in production, distribution, and advertising solutions.
