Allen Media Group has made a $30 billion stock and existing debt offer to buy Paramount Global.

“We believe this $30 billion offer, which includes debt and equity, is the best solution for all of the Paramount Global shareholders, and the bid should be taken seriously and pursued,” according to a statement from Allen Media Group.

The deal includes a $14.3 billion offer to buy all the outstanding shares of Paramount Global -- $28.58 each for the voting shares of Paramount, a 50% premium to recent trading, and $21.53 for the non-voting shares.

The company says its chairman/CEO was involved in the offer: “Mr. Byron Allen did submit a bid on behalf of Allen Media Group and its strategic partners to purchase all of Paramount Global’s outstanding shares,” according to a company statement. The company did not reveal the identities of the “strategic” partners.

Representatives at National Amusements -- which has a controlling stake in Paramount Global --- did not respond to Television News Daily inquires by press time.

This is not the first time Allen has attempted to get into the mix of pursuing major linear TV networks for acquisition. Back in September, Allen offered $10 billion to buy ABC Television Network, and other Disney Channels.

Paramount Global has been the subject of other buyout discussions including one with Warner Bros. Discovery and well as with Comcast’s NBCUniversal -- all with the primary intention, according to analysts and other media followers, of combining their high profile premium streaming services to take on the industry leader,  Netflix. 

Another major reason for these industry consolidation talks: Both Paramount Global and WBD -- as well as other legacy TV-based network companies -- have seen increasingly declining linear TV viewership in recent years.

Back in December 2023, Warner Bros. Discovery CEO David Zaslav met with Paramount Global CEO Bob Bakish in New York at a meeting where they discussed a possible merger, according to multiple reports. Paramount and Warner Bros. Discovery representatives did not comment about the possible business combination at the time.

Comcast Corp. CEO Brian Roberts, during the company’s recent quarterly  earnings call with analysts, said his company had no intention of pursuing any merger talks with other legacy TV-media companies.

Allen Media Group owns TV stations, a TV production company (Entertainment Studios), cable TV networks (The Weather Channel), and locally-originated digital TV channels, among other media businesses.