Paramount Global ‘s board has extended the go-shop window under its Skydance Media deal for 15 days as it engages with an investor group led by Edgar Bronfman Jr. , which on Wednesday proffered $6 billion to take control of the media conglomerate — up from $4.3 billion previously.
Bronfman and his backers on Wednesday made the higher bid to acquire National Amusements Inc., Paramount’s controlling shareholder, and added a deal sweetener — offering a pool of $1.7 billion to give Paramount nonvoting shareholders a $16/share buyout premium for a portion of their stock, sources confirmed to Variety .
The Bronfman-led group originally offered $4.3 billion and had not offered to acquire any of Paramount Global’s nonvoting stock. The move puts on hold, for now, the deal with David Ellison’s Skydance Media that would see Skydance merge with Paramount.
Bronfman’s raised bid for NAI and Paramount was first reported by the Wall Street Journal. The New York Times first reported that Paramount will extend the go-shop window. A rep for Bronfman declined to comment; a spokesman for the special committee did not respond to a request for comment.
The Bronfman-led bid, first submitted Monday to Paramount’s board , came in just two days before the Aug. 21 midnight ET deadline for the go-shop period allowed under the company’s agreement with Skydance that lets Paramount consider superior takeover proposals. With Bronfman’s hat officially in the ring, the board’s special com.