Paramount special committee extends Skydance 'go shop' period as it reviews Bronfman offer
The future of Paramount Global is still uncertain.
The future of Paramount Global is still uncertain.
Paramount’s special committee on Wednesday said it would extend by 15 days an agreed-upon “go shop” period of its merger agreement with Skydance as it reviews a competing offer from Edgar Bronfman Jr.
Bronfman initially offered $4.3 billion late Monday for Shari Redstone’s National Amusements, the controlling shareholder of Paramount, according to a person familiar with the bid. As part of the bid, Bronfman would acquire a minority stake in Paramount. However, after placing the bid, Bronfman raised more funds to support a higher bid, said the person, who asked to remain anonymous to speak about specifics of the offer.
On Wednesday, Bronfman upped the bid and submitted a revised offer of $6 billion, the person said.
The offer looks to supersede Paramount’s merger agreement with Skydance Media, which came in early July and capped off a monthslong negotiation process. The agreement included a 45-day “go shop” period during which Paramount could solicit other offers.
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