Paramount Global (PARA) shares rose on Wednesday after media mogul Byron Allen proposed $30 billion for the company's outstanding stock and debt.

Allen Media Group stated in a statement to Bloomberg that "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 immediately and investigated."

According to Bloomberg, Allen will pay $28.58 per voting share and $21.53 for each non-voting share. That raises the total value of outstanding shares to $14.3 billion.

The balance of the $30 billion offer would be applied to current debt. Allen Media Group's approach comes little over a month after Allen repeated its $3.5 billion offer to buy BET Media Group.

Allen isn't the only one looking into Paramount. Just last month, Paramount Global CEO Bob Bakish met with Warner Bros. Discovery (WBD) CEO David Zaslav to explore a prospective merger.

At that point, it was rumored that both firms had hired bankers, although the discussions were in their early stages. Paramount has also been in talks with Skydance Media, which wants to take the firm private. Skydance CEO David Ellison has been trying for months to buy controlling shareholder Shari Redstone's preferred voting shares, which are held by the Redstone family's holding business, National Amusements.

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