Shares of Paramount Global (NASDAQ: PARA) rose as much as 14.8% early Wednesday, then settled to close up 6.7% after Bloomberg reported media magnate Byron Allen had submitted a $14.3 billion takeover offer.

The news is only the latest in Paramount's takeover saga; shares also climbed last month amid reports that the entertainment conglomerate was the subject of takeover interest from Skydance Media and venture capital firm RedBird capital Partners. Sources at the time said the firms were considering whether to indirectly take control of Paramount by acquiring media company National Amusements, which currently owns around 77% of Paramount's Class A voting shares.

Fast forward to today, and sources familiar with the situation say Mr. Allen has offered to pay $28.58 per share for the voting shares of Paramount and $21.53 for the non-voting shares -- representing a nearly 50% premium from today's closing price. Including Paramount's debt, the total enterprise value of the transaction would be around $30 billion.

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Source Fool.com