From CNBC:

Byron Allen, founder and CEO of Allen Media Group, is offering $14 billion for Paramount Global and has the money to finance the deal. He has previously offered $18.5 billion and $30 billion for Paramount, but no deals materialized. Shari Redstone, who controls Paramount, has been open to deal-making recently, and Skydance Media is also exploring a deal.

Paramount’s direct-to-consumer products have failed to turn a profit, with a reported adjusted loss of $238 million for the third quarter. Allen wants to buy Paramount for its linear networks and believes they are still great businesses. Shares of Paramount were up almost 7% Wednesday and have risen more than 35% in the past three months.

Allen has a long history of making offers on major media assets and has lost out on several deals due to ownership changes. The Wall Street Journal reported that Allen last year offered $18.5 billion for Paramount and was rejected. Allen’s bids for linear TV assets come as the media landscape shifts away from traditional TV toward streaming. Almost all the major media companies have launched services to compete with streaming giant Netflix.



Read more: Paramount bidder Byron Allen has long history of failed media bids