$4.3 billion bid for Paramount GlobalParamount Global headquarters in New York.
(Ad Age) - Edgar Bronfman Jr. has formally submitted a $4.3 billion offer to take control of Paramount Global and quash an existing bid from Skydance Media, according to a source familiar with the proposal.
The media executive and Seagram Co. spirits heir is offering to buy National Amusements Inc., the Redstone family holding company that owns the majority of paytm phone number data Paramount’s voting stock, for about $1.75 billion, according to the person, who asked not to be identified. Bronfman will invest additional money into Paramount, including $1.5 billion to reduce debt.
The Wall Street Journal had previously reported on the offer.
The parent company of CBS, MTV and other media outlets had already accepted an offer from Skydance, led by David Ellison, son of Oracle Corp. co-founder Larry Ellison. Their merger agreement includes a 45-day period during which Paramount could review other offers,
The Ellison-led group offered $2.4 billion for National Amusements and agreed to spend $6 billion more to buy Paramount stock and pay down debt. It also plans to merge Skydance with Paramount for $4.75 billion worth of stock.
Bronfman is expected to argue that his proposal is superior because it will result in less dilution for Paramount shareholders other than Redstone.
Paramount, created by the late mogul Sumner Redstone, has struggled lately as consumers shift their viewing habits from traditional television to streaming.
Bronfman has a long and somewhat checkered history as a media executive. He bought and then sold MCA Inc., the parent company of Universal Studios, and served as chief executive of the Warner Music Group. He currently serves as chairman of FuboTV Inc., a television streaming company that obtained a court order last week to stop the launch of the Venu sports streaming service.
