According to Bloomberg, he was considering making an offer to purchase television stations from E.W. Scripps in November. In September, following Disney CEO Bob Iger's announcement that the corporation would be selling its linear TV assets, Allen made a bid to purchase ABC and five other networks from Disney for $10 billion. He considered making an offer to purchase the Washington Commanders of the National Football League in 2022. He made a $8.5 billion bid to purchase Tegna, the owner of television stations, in March 2020. Allen told CNBC over the phone on Wednesday that the ownership changed their mind about wanting to sell, costing him numerous transactions.
He cited his $300 million acquisition of The Weather Channel in 2018 as evidence of his accomplishments and defended his record in general, drawing comparisons to Babe Ruth, a member of the Baseball Hall of Fame. "Now, let's discuss Babe Ruth. Does he rank among the all-time best baseball players? And he failed 50% of the time," Allen remarked. Ruth really had a 15% strikeout percentage, striking out 1,300 times in 8,399 at-bats. As conventional TV gives way to streaming in the media environment, Allen is placing offers for linear TV assets. To rival Netflix, the industry leader in streaming, almost all of the big media corporations have introduced services. In its third-quarter financial report, Paramount stated that 63 million new users had signed up for its streaming service, Paramount.
But unlike Netflix, Paramount's direct-to-consumer offerings haven't been profitable. For the third quarter, the division declared adjusted losses of $238 million. On February 28, Paramount will reveal its fourth-quarter results. According to Allen, the most difficult aspect of the corporation is its linear networks, which is why he wants to acquire Paramount, he told CNBC. "These are still great businesses if you know how to manage them properly," Allen stated. As speculation of a transaction intensified, Paramount's shares increased by almost 8% on Wednesday afternoon, and they had gained more than 35% over the last three months. But the price has dropped by more than 40% from its February 2023 52-week high of $25.93 per share.
