From CNBC: 2024-08-23 16:42:26

Edgar Bronfman Jr. offers $6 billion bid for controlling stake in Paramount Global, potentially keeping current chairman, Shari Redstone, involved. The bid challenges Skydance Media for ownership of Paramount’s holding company, National Amusements, with payouts to current shareholders included in the offer. Special committee to decide on superior proposal by Aug. 28.

To counter Skydance, Bronfman has raised $6 billion, offering $16 per share to 20% of Class B holders. Skydance offers $15 per share to 50% of Paramount common investors. The deadline for the decision is Sept. 5. Former AOL CEO, Jon Miller, part of Bronfman’s bid group, may take a significant role if the deal is accepted.

Multiple individuals, including Steven Paul and John Paul DeJoria, involved in Bronfman’s bid. Funding from various sources may raise regulatory concerns. Skydance demands Paramount to stop negotiating with Bronfman, arguing breach of terms. Skydance bid backed by RedBird Capital and Larry Ellison, potentially making Bronfman’s offer riskier.

Paramount special committee extends go-shop period to review Bronfman’s bid, increasing competition for ownership. Redstone undecided on future involvement regardless of ownership. Spokespeople for Redstone, Bronfman, and Skydance decline to comment. Miller, Redstone, and Ostheimer could play key roles if Bronfman’s deal is accepted.



Read more at CNBC: Edgar Bronfman’s Paramount bid could keep Shari Redstone involved