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Before making a big splash with an unsolicited bid for Paramount, Allen Media designated several equipment subsidiaries to be unrestricted, according to9finsources.

Bondholders found out about the designation earlier in the month, the sources said, in a private disclosure that claimed these newly designated unrestricted subsidiaries containing equipment had “zero market value”.

The company’s $650m of 10.5% senior notes due 2028 are quoted around 51 and have been trading at distressed levels since May 2022. The company also has a first-lien term loan due 2027 quoted around 90, according to sources.

Starting yesterday, Allen Media sent notice to various media outlets and then posted a story on its website reporting that it made a multi-billion dollar bid for Paramount. 

Allen Media, a television station owner/operator controlled by mogul Byron Allen, has made multiple public failed attempts to acquire media assets, including a separate multi-billion dollar bid for BET and VHF from Paramount; a $10bn offer for the ABC television network and other Disney assets; and a $8.5bn offer for Tegna, the former broadcasting arm of Gannett, when it was also being targeted by Standard General.

Allen Media did not respond to a request for comment.

Allen Media designates equipment subsidiaries as unrestricted

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Allen Media designates equipment subsidiaries as unrestricted

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