Paramount extends its Skydance go-shop period to consider acquisition bid from Edgar Bronfman

Paramount said it's considering a competing acquisition bid led by Seagram heir and media executive Edgar Bronfman Jr., and will extend a so-called go-shop period with merger partner Skydance Media.

Paramount, the owner of Paramount Pictures movie studio, the CBS television network and CBS News, had included the 45-day go-shop period, a window when it would consider competing offers, when it agreed to merge with movie studio Skydance last month.

On Wednesday, Paramount's special committee of the board of directors said it would extend the go-shop period by an additional 15 days to consider Bronfman's offer.