Byron Allen Bids $14.3B for Paramount Global, Stock Surges 10% on Breakup Potential
• Paramount Global shares skyrocket 10% after report of $14.3B bid from Byron Allen • Allen offered $28.58 per voting share and $21.53 per non-voting share, 50% premium to recent prices • Allen plans to sell Paramount film studio and real estate, retain TV channels and Paramount+ • Wells Fargo analyst says Allen deal seems most probable to unlock value • Paramount seen as top pick for breakup/merger due to small size versus competitors