Former Seagram and Warner Music executive Edgar Bronfman Jr. continued his 11th-hour pursuit of Paramount Global, increasing his offer to $6 billion for the Redstone family’s investment firm and the historic studio, according to three people close to the matter were not authorized to comment. The latest twist in in the chaotic auction came late Wednesday as Paramount’s independent board members were mulling whether to keep the door open for Bronfman’s bid for the struggling company that owns CBS, Comedy Central, Nickelodeon, Showtime and namesake Hollywood movie studio.
The frenetic activity comes six weeks after Paramount accepted media executive David Ellison’s $8.4-billion, two-phased takeover of the Redstone’s family investment vehicle, National Amusements Inc., and Paramount.
Bronfman is trying to thread a needle created by a provision in Ellison’s Skydance Media deal , which was approved in early July by Paramount board members and controlling shareholder Shari Redstone. That provision carved out a 45-day “go shop” period designed to allow rival bidders to step up with “superior” proposals, according to a regulatory filing. The Bronfman group’s earlier $4.
3 billion offer emerged Monday, on the 43rd day . Now, Paramount’s board’s Special Committee of independent directors must decide whether they want to extend the deadline to early September to dig into the details of Bronfman’s bid and scrutinize the strength of his investor group’s financ.