15.1 C
New York
Tuesday, November 12, 2024

Paramount-Skydance extends ‘go shop’ period to consider Bronfman offer.

The uncertain future of Paramount Global is still under review as the special committee extended the “go shop” period to consider Edgar Bronfman Jr.’s competing offer. Initially offering $4.3 billion, Bronfman raised more funds to submit a revised offer of $6 billion. This new offer aims to supersede Paramount’s merger agreement with Skydance Media. The special committee confirmed the receipt of an acquisition proposal from Bronfman and his consortium of investors. The ongoing process may result in a Superior Proposal, with the go-shop period extended until September 5, 2024. The committee contacted over 50 third parties during the initial period to assess potential acquisition interest. Skydance, along with RedBird Capital Partners and KKR, agreed to invest more than $8 billion into Paramount and acquire National Amusements. If the Skydance transaction closes, National Amusements will wholly own class A Paramount shares and 69% of outstanding class B shares. Bronfman’s bid includes $1.7 billion for a tender offer, offering non-Redstone, nonvoting Paramount shareholders $16 per share. With an extensive background in leading companies like Warner Music and Fubo TV, Bronfman’s bid has drawn attention from shareholders and investors, including lawsuits challenging the Paramount-Skydance deal.

Related Articles

Latest Articles