Paramount suddenly has a bidding war as Edgar Bronfman makes an offer
CNN
Veteran media executive Edgar Bronfman Jr. on Monday submitted a roughly $4.3 billion bid to take over Paramount Global.
Veteran media executive Edgar Bronfman Jr. on Monday submitted a roughly $4.3 billion bid to take over Paramount Global through the acquisition of National Amusements, the family holding company that owns a controlling stake in the media company, a person familiar with the matter told Reuters. The competing offer for the home of Paramount Pictures, the CBS broadcast network and MTV is a fresh twist in a sale process marked by a number of unexpected turns. It threatens to undo a planned acquisition by tech scion David Ellison and his firm, Skydance Media. Bronfman’s offer includes $2.4 billion in debt and equity for National Amusements, the source said. Bronfman also would contribute $1.5 billion to Paramount’s balance sheet, which could be used to pay down debt, the person said. The bid adds $400 million to cover a breakup fee to end a rival deal. Skydance and its deal partners reached an agreement last month to acquire Paramount in a complicated transaction, in which it would buy out the Redstone family’s controlling stake in Paramount and subsequently merge into the larger publicly traded company. That agreement contained a 45-day “go-shop period” that allowed Paramount to solicit and evaluate other offers. That period ends on Aug. 21, but can be extended. If Paramount chooses another suitor, it must pay Skydance a $400 million break-up fee.
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