Showing 34 results for:
Byron Allen
Popular topics
All results
A new update regarding the potential sale of BET has been revealed. According to Bloomberg, Paramount is reportedly in talks with BET CEO Scott Mills and CC Capital Founder Chinh Chu, who are looking to buy the network. Bloomberg’s anonymous sources share that the group is aiming to offer $1.6 billion to $1.7 billion. The outlet details that the new offer follows the group’s initial attempt to purchase BET in December 2023 for “a little under $2 billion” and also comes after Paramount’s proposed merger with David Ellison’s Skydance Media fell through. As previously shared by AFROTECH™, Byron Allen has shown avid interest in being a potential buyer of BET. So much so that he reportedly placed an offer of $3.5 billion that same month. The whopping offer marked the media mogul’s second attempt to lock in the opportunity to make BET Black-owned again. “You are pursuing an inside sale at a below-market price with management that will not yield the highest price for the stockholders,”...
Byron Allen has placed a significant proposal on the table once again. The Hollywood Reporter states Allen Media Group is looking to place a $14.3 billion offer to purchase Paramount Global’s remaining shares. If the deal is approved, Allen Media Group will acquire Paramount’s debt as well, which is estimated to be $15 billion. “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,” the statement read, according to the outlet. “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.” This isn’t Allen’s first proposal to acquire another media giant. As AFROTECH previously told you, the billionaire was looking to purchase BET Media Group, when it had been put up for sale by Paramount Global in 2023. Ultimately, Paramount Global would retract its proposal in August...
McDonald’s has officially been ordered to stand trial in the $10 billion discrimination lawsuit brought forth by media mogul Byron Allen, Reuters reports. As previously reported by AfroTech, the suit accuses the fast-food chain of “racial stereotyping” by excluding Black-owned media from its advertising. As of Friday (Sept. 16), U.S. District Judge Fernando Olguin gave Allen the greenlight to attempt to prove that McDonald’s violated both federal and California rights by saying that his networks were not eligible for the “vast majority” of its advertising dollars.
There is a glimmer of hope for the Black News Channel. As AfroTech previously told you, the news outlet filed for bankruptcy after losing one of its biggest investors, Jacksonville Jaguars owner Shahid Kahn. Cablefax reports that the CEO and sole shareholder of Entertainment Studios Network, Byron Allen, may be stepping in and has already placed a bid worth $11 million to buy the network.