Edgar Bronfman Jr. Submits $4.3B Bid for Paramount, Raises $5.5B to Challenge Skydance Deal by Aug 21

Aug 20, 2024, 05:10 AM

Media executive Edgar Bronfman Jr. has submitted a $4.3 billion bid to acquire National Amusements and a minority stake in Paramount Global. This move is seen as a challenge to the existing merger agreement between Paramount Global and Skydance Media. Bronfman's bid aims to take control of Paramount Global by purchasing National Amusements, the holding company with a controlling stake in the media giant. The bid, which was formally submitted, seeks to disrupt the merger with Skydance Media, which is set to become official if no superior offer emerges by the deadline of August 21. Bronfman's offer includes matching Skydance's $2.4 billion debt and equity offer and contributing $1.5 billion to Paramount's balance sheet. The bid is backed by a consortium of investors, including Fortress and Brock Pierce, and Bronfman has raised a total of $5.5 billion to potentially increase his offer.