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Paramount Global Stock Boosted by Byron Allen’s $30 Billion Buyout Overture
Shares of Paramount Global rose after media mogul Byron Allen emerged as an unexpected bidder for the company.
Investors rallied behind Paramount Global ‘s stock after Byron Allen emerged as an unexpected bidder in the latest twist in the media company’s ongoing M&A drama. Paramount Global’s TV business, which includes CBS, Nickelodeon, MTV, Comedy Central and BET, has suffered from a decline in advertising and viewership while its streaming division is still in the red. L.A.-based Allen Media Group’s holdings comprise 12 cable networks, including the Weather Channel, a theatrical movie distribution company and 28 broadcast stations.
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