Byron Allen, the US media mogul, has made a $14.3 billion (€13.2bn) bid to buy all of the outstanding shares in Paramount Global.

The proposal, totalling $30bn funding, could see Allen Media Group (AMG) take on Paramount’s existing $15 billion of debt.

“Byron Allen did submit a bid on behalf of AMG and its strategic partners to purchase all of Paramount Global’s outstanding shares,” an AMG statement said. “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.”

AMG’s existing portfolio of assets includes The Weather Channel as well as a number of local TV stations in the US.

A report from Bloomberg says Allen is offering $28.58 each for the voting shares of Paramount, a 50 per cent premium to recent trading, and $21.53 for the non-voting shares, according to the people, who asked to not be identified discussing terms that weren’t public.

Paramount Global is an American multinational mass media and entertainment conglomerate controlled by National Amusements (the core business once controlled by Sumner Redstone). Its CEO is Robert Bakish and its assets include the ViacomCBS businesses including MTV, Nickelodeon, Comedy Central and the Paramount and Showtime streaming and cable networks.