The book isn’t closed yet on Paramount Global ‘s months-long M&A epic. On Monday (Aug. 19), billionaire media mogul Edgar Bronfman Jr.
submitted an offer valued at $4.3 billion to acquire Shari Redstone’s National Amusements Inc., which is the controlling shareholder of Paramount Global, Variety has confirmed.
Bronfman’s bid is an attempt to rival the offer from David Ellison’s Skydance Media and its financial backers, which last month clinched a binding agreement worth more than $8 billion for NAI and Paramount Global. Bronfman’s bid was submitted to the special committee established by Paramount Global’s board to evaluate M&A offers, which is expected to review it on Wednesday. Reps for NAI and Bronfman declined to comment; representatives for the Paramount board’s special committee did not respond to a request for comment.
Bronfman’s bid for NAI was first reported by the Wall Street Journal . Bronfman’s offer comprises $2.4 billion for NAI (about $1.
75 billion net of debt); an investment of $1.5 billion earmarked for Paramount’s balance sheet to pay down debt; and $400 million for the breakup fee Paramount would be forced to pay to the Skydance group if Paramount opts for Bronfman’s offer. On July 7, Paramount Global and Skydance Media announced a two-part transaction that would result in Skydance buying out Shari Redstone’s National Amusements Inc.
and then merging with Paramount, whose properties include CBS, Paramount Pictures, Showtime/MTV Ent.