A group of investors led by veteran media executive Edgar Bronfman Jr. has lodged a last minute $6bn bid for Paramount Global.
The offer threatens to undo a competing $8bn merger bid by Skydance Media for Paramount.
Bronfman and his consortium initially offered a reported $4.3bn, upping it to $6bn this week, for Paramount Global’s controlling shareholder National Amusements and a minority stake in Paramount.
It was tabled just before the 45-day ‘go shop window’ for rival bids to Skydance’s offer closed.
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Bronfman and his partners are hoping their bid will prove attractive because it will not involve the dilution of existing Paramount shareholders.
Skydance’s complex deal involves Paramount acquiring the smaller Skydance Media, run by tech scion David Ellison, in an all-stock transaction.
Bronfman, a former Warner Music, Seagram and Vivendi executive, is also executive chairman of streamer Fubo TV.
Bronfman’s investor group reportedly includes cryptocurrency entrepreneur Brock Pierce and Jeff Ubben, founder and managing partner of Inclusive Capital Partners, and Fortress Investment Group.
Paramount is the owner of the Paramount Pictures movie and television studios, the CBS television network and CBS News, as well as the Paramount+ streaming service, Nickelodeon, BET, MTV, Comedy Central and other media brands.
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