Media mogul Byron Allen, known for his widespread influence in the television and media industry, has reportedly pitched a $14.3 billion bid for film and television giant, Paramount Global. This move has raised Paramount’s stock (PARA) by an exceptional 13.5% after the news was released. This attempt to seize a large piece of Paramount signifies Allen’s ambitions in the competitive media space. Notably, Allen’s company competes for a substantial portion of Paramount Global against other industry giants such as Warner Brothers Discovery and Skydance Media.

In the past, Allen has demonstrated ambitious acquisition strategies. For instance, he has previously explored deals to acquire ABC, Tegna – a prominent television station operator, and even the National Football League’s Washington Commanders. This recent multibillion-dollar bid reflects Allen’s ongoing eagerness to expand his empire in the media industry. The takeover bid, inclusive of debt and equity, totaled to a colossal $30 billion offer for Paramount Global, as affirmed by Allen Media Group in an email.