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Allen Media eyes Paramount Global in potential $30bn deal - reports

(Sharecast News) - Shares in Paramount Global soared on Wednesday, after it emerged Allen Media Group had submitted a multi-billion dollar bid for the US giant. In a statement sent to Reuters, the business - controlled by entrepreneur Bryon Allen - said it had submitted a $30bn debt and equity bid. It provided no further details.

According to Bloomberg News, which first reported the potential bid, the offer values the mass media and entertainment firm at $14.3bn, or $30bn once debt is included.

Paramount Global owns a number of leading media brands, including Paramount Pictures, CBS Entertainment Group, MTV, Nickelodeon and Comedy Central. It is controlled by majority shareholder National Amusements, the US cinema operator.

It was formed in 2019 through the merger of CBS Corporation and Viacom. Originally called ViacomCBS, it changed its name to Paramount Global in 2022.

As at 1145 GMT, the Wall Street listed-stock had put on 17% in pre-market trading.

Paramount Global declined to comment.

Earlier in January, it was reported that Skydance Media chief executive David Ellison was mulling an all-cash bid for National Amusements.

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Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.

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