Why Byron Allen seeks television assets in Paramount bid

People familiar with the matter said on Wednesday, as part of a $14 billion offer to buy the company

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He envisions selling off key assets including the studio lot in Los Angeles, the film studio, Paramount Pictures, and popular franchises

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Allen, who last year made an offer to acquire Walt Disney's ABC network and other TV assets, is interested in Paramount's CBS broadcast network

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These assets would augment Allen Media Group's television holdings, with its 28 network-affiliated stations in 21 markets and cable portfolio that includes The Weather Channel and Comedy TV

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The comedian and producer has bet on television at a time when it has fallen out of favor among major media companies

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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," Allen Media Group said Tuesday in a statement

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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

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