:max_bytes(150000):strip_icc()/GettyImages-21503179901-0707da00b1154981a22d910cb511fca7.jpg "Paramount Extends Deadline To Review Bronfman Takeover Offer")
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KEY TAKEAWAYS
- Paramount Global’s special committee has extended the “go-shop” deadline to Sept. 5 as it reviews the latest takeover bid by Edgar Bronfman Jr. that may trump Skydance Media’s accepted offer.
- The Wall Street Journal reported that Bronfman raised his offer for Shari Redstone’s media empire to $6 billion for Paramount controlling shareholder National Amusements and a minority stake in the entertainment giant.
- David Ellison’s Skydance had agreed to a deal with Redstone worth more than $8 billion that involved buying National Amusements and merging Skydance with Paramount, the Journal reported last month.
Paramount Global (PARA) said that its special committee extended the “go-shop” deadline to Sept. 5 as it reviews the latest takeover bid by Edgar Bronfman Jr. that may trump Skydance Media’s accepted offer.
The media entrepreneur reportedly raised his offer for Shari Redstone’s media empire to $6 billion for Paramount controlling shareholder National Amusements and a minority stake in the entertainment giant.
Bronfman’s Reported Offer Exceeds Previous Bid of $4.3B
The Wall Street Journal said Bronfman’s new bid, which exceeds his previous $4.3 billion offer, “includes $1.7 billion for a tender offer that would give non-Redstone, nonvoting Paramount shareholders an option to cash out at a premium of $16 a share,” according to people familiar with the matter.
David Ellison’s Skydance Media had agreed to a deal with Redstone worth more than $8 billion that involved buying National Amusements and merging Skydance with Paramount, the Journal reported last month.
Paramount shares rose 1.3% to $11.23 as of about 11:30 a.m. ET Thursday. They have lost almost a quarter of their value this year.