Paramount Considers Edgar Bronfman, Jr. Acquisition Proposal

Paramount Global is considering an acquisition proposal from a consortium of investors led by Edgar Bronfman, Jr., extending the “go shop” period it announced after sealing a merger agreement with Skydance.

The “go shop” period for the Bronfman consortium has been extended to September 5. During this period since announcing the Skydance transaction, Paramount contacted more than 50 third parties about their interest in acquiring the company.

Per U.S. reports, the Bronfman consortium has offered $6 billion to acquire Paramount parent National Amusements.

Last month, Paramount and Skydance Media formally announced a merger deal, with the new combined entity to be run by David Ellison as chairman and CEO and Jeff Shell as president. The all-stock transaction values Skydance at $4.75 billion. Skydance Investor Group, comprised of the Ellison family and RedBird Capital Partners, will invest $2.4 billion to acquire parent company National Amusements for cash and $4.5 billion for the stock/cash merger consideration, with $1.5 billion of primary capital to be added to Paramount’s balance sheet.