Bronfman Raises Bid for Shari Redstone's Paramount to $6 Billion

Aug 21, 2024, 11:06 PM

Edgar Bronfman Jr. has raised his bid to acquire a controlling stake in Paramount Global to $6 billion, up from his initial offer of $4.3 billion. This move comes as Paramount, owned by Shari Redstone's National Amusements, is in the process of merging with Skydance Media. Bronfman's proposal includes a $1.7 billion tender offer aimed at non-Redstone, nonvoting shareholders. The Paramount Board has extended the 'go-shop' period by 15 days to further evaluate Bronfman's offer. This development could potentially disrupt the existing merger agreement with Skydance Media.