$14.3 Billion Deal Has Kevin Garnett Possibly Suspecting Foul Play

NBA legend Kevin Garnett has never shied away from speaking his mind. It’s part of the reason he has his own podcast, KG Certified. Speaking of never hesitating to share his opinions, just last week, Garnett told Paul Pierce that LeBron James is “on that new juice,” claiming that the LA Lakers star uses PEDs, effectively engaging in foul play. However, this time, he’s stepping away from the world of basketball and podcasts to possibly suspect foul play going on somewhere else.

More specifically, in the entertainment industry. And even more specifically, the dicey situation Paramount Global is currently in. Paramount Global, founded in 2019 after the fusion of Viacom and CBS, hasn’t been able to keep up with its competition as well as it would’ve liked. Just as sports involves the survival of the fittest, so does the broadcast industry. With business models shifting focus to streaming, Paramount still relies on cable channels and theatre releases. And that’s led to the company needing a sizable investment to remain a contender.

That’s where comedian-turned-media mogul Byron Allen and his company, Allen Media, come in. And along with them came Kevin Garnett’s remarks. A few weeks ago, Official Black Wall Street’s Instagram account posted, “Byron Allen’s Allen Media Group extended a $14.3 billion offer to acquire the remaining shares of Paramount Global.” While Allen isn’t the only player in the picture, his offer has raised eyebrows. And Garnett’s were among them.

The former Minnesota Timberwolves star reposted the Official Black Wall Street post on his story, suspecting something strange. “Oooohhhh shhhii 😤😤😤😳😳😳😳 He  must know somin 🤔🤝💯💯” Nonetheless, Garnett extended his support to Allen, writing, “Ok BA go get it then shhiii 🫡💯” But what foul play was he possibly suspecting?

The Instagram post revealed Allen Media offered $14.3 billion to acquire the remaining shares of Paramount Global. But interestingly, the $14.3 billion is just one-half of the story. Literally. Per Official Black Wall Street’s blog, “If [the deal is] green-lit, this deal would encompass Paramount’s debt, estimated at around $15 billion.” 

According to The Hollywood Reporter, a statement by Allen Media read, “We consider this $30 billion offer, inclusive of debt and equity, as the optimal solution for Paramount Global shareholders and advocate for its serious consideration and pursuit.” If this was the case, why is the Instagram post and almost every other outlet calling it only a $14.3 billion bid? That’s the foul play Kevin Garnett possibly suspected.

Interestingly, this isn’t the first time Byron Allen has attempted to acquire a media powerhouse. Last year, he expressed interest in buying BET Media Group and VH1 for $3.5 billion when they were up for sale by Paramount Global. However, the company eventually decided against selling its majority stake. As for Allen’s recent bid, he seemingly has big things in store.

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Paramount’s Film Studio and real estate will reportedly be sold if the sale goes through. Moreover, the Allen Media Group has always focused primarily on television networks and stations. Acquiring Paramount’s television segment is likely to further the group’s influence in the media landscape. However, Byron is not the only one who has his eyes set on Paramount Global.

Key players in the race for Paramount Global

Apart from the Allen Media Group, Skydance Media and Warner Bros. Discovery have also been among the top contenders for the deal with Paramount. The first to express interest was David Ellison’s Skydance. Ellison’s interest in Paramount stems from his desire to further expand his company. Acquiring the Paramount Global segment can be a significant step in that direction.

David Zaslav’s Warner Bros. Discovery followed Skydance’s footsteps, expressing their interest in Paramount. In fact, it is said that Zaslav even met Paramount Chief Executive Bob Bakish in December last year to discuss the merger of the two companies. It is worth mentioning that Warner Bros. Discovery is already having a hard time paying its $40 billion debt.

The latest addition to this list of contenders is Byron Allen. However, considering this is not Allen’s first interaction with Paramount, attempting to acquire a major media company, do you think he could turn around the situation for himself in this attempt?

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