04:05 PM EDT, 05/07/2024 (MT Newswires) -- Paramount Global's ( PARAA ) sale will depend on getting regulatory clearance from the US Federal Communications Commission, Bloomberg reported Tuesday, citing Byron Allen, who is pursuing a transaction to acquire the film and television company.

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

Allen reportedly bid $28.58 and $21.53 per voting and non-voting share of Paramount, respectively. Including existing debt, the total value of the deal is said to be around $30 billion.

Apollo Global (APO) and Sony Group's jointly owned company Skydance Media also offered to acquire Paramount for $26 billion, according to the report.

Paramount, Apollo, Sony, and Skydance did not immediately respond to MT Newswires' request for comment.

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