BYRON ALLEN SAYS REGULATORY APPROVAL IS KEY TO PARAMOUNT SALE

(Bloomberg) -- Media mogul Byron Allen, who has mounted an effort to buy film and TV giant Paramount Global, said regulatory approval will be the key hurdle in the auction of that storied Hollywood company.

In addition to Allen, Paramount is being pursued by Skydance Media and jointly by Apollo Global Management Inc. and Sony Group Corp. The winner will need the approval of the US Federal Communications Commission, Allen said Tuesday on Bloomberg TV from the Milken Institute Global Conference in Beverly Hills.

“My advice would be to walk into the FCC with someone who is FCC approved,” Allen said. “We are broadcasters first, and we are FCC approved. That is the key.”

In January, Allen proposed to acquire Paramount for $14.3 billion. He offered $28.58 for each voting share of Paramount and $21.53 for the nonvoting shares, people familiar with the matter said at the time. Including existing debt, the total value of the deal rises to about $30 billion.

Sony and Apollo are offering $26 billion, according to people with knowledge of the matter, while Skydance, led by technology heir David Ellison, has put forward a plan to buy out Paramount’s controlling shareholders and then merge the two companies.