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Edgar Bronfman's Paramount bid could keep Shari Redstone involved at company: report

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Business,Edgar M. Bronfman,Mergers & Acquisitions

Today's Business Headlines: 8/23/24

Edgar Bronfman Jr. is open to having Shari Redstone remain involved with Paramount Global if its special committee accepts his consortium’s bid for National Amusements, the controlling shareholder,Bronfman’s competing offer threatens to undo a planned acquisition by tech scion David Ellison and his independent studio Skydance Media.

If Paramount, controlled by Redstone’s family business, accepts an offer that Skydance does not match, it would have to cough up a $400 million in break-up fee.Bronfman is open to having Shari Redstone remain involved with the company if the Paramount special committee accepts his consortium’s bid for National Amusements.Paramount and its special board committee declined a Reuters request for comment, while National Amusements and Bronfman did not immediately respond.

Skydance Media accused Paramount Global’s special committee of breaching the terms of its deal by extending the time period when it can engage with other bidders, the Wall Street Journal had reported on Thursday.

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