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Paramount Global stock soars on report of Byron Allen bid

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Paramount Global shares rocketed Wednesday after a report that Byron Allen’s media group is offering to buy the company.

Citing a statement, Bloomberg News reported that Allen Media Group, as well as unnamed partners, are making a bid valued at $14 billion, or $30 billion when including assumed debt.

Speculation had been that David Ellison’s Skydance Media was trying to buy the company.

Paramount Global’s B
PARA,
-0.51%

class of shares soared 24% in premarket trade, as the A class
PARAA,
-1.29%

gained 22%.

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