Former U.S. media executive Edgar Bronfman Jr. has indicated that he is open to Shari Redstone maintaining an involvement with Paramount Global if his consortium’s bid for the company’s controlling shareholder, National Amusements, is accepted. Bronfman’s proposal, valued at $6 billion, includes a bid for National Amusements and a minority stake in Paramount Global.
This competing offer presents a potential challenge to the planned acquisition by tech mogul David Ellison and his Skydance Media. Bronfman expressed gratitude to Paramount Chair Shari Redstone for her “continued support” and “open dialog” regarding the bid. However, his bid documents do not specify an ongoing role for Redstone at the company, as noted in an August 19 letter to Paramount’s special committee.
The decision on Redstone’s future role at Paramount ultimately rests with her, according to sources familiar with the situation. Bronfman, who previously allowed Sidney Sheinberg, then-president of MCA, to remain in his position after taking over the company in 1995, has shown a willingness to accommodate key figures in his business dealings.
A spokesperson for Redstone was not available for comment, and Bronfman did not respond to requests for further information. Should Paramount choose Bronfman’s offer over Skydance’s, it would incur a $400 million breakup fee.
Paramount’s special board committee has extended the initial “go-shop” period deadline from August 21 to September 5 to evaluate Bronfman’s proposal. Skydance Media has accused Paramount’s board of breaching the terms of their deal by prolonging the evaluation period, according to a Wall Street Journal report.
