Veteran media executive Edgar Bronfman Jr. has submitted a $4.3 billion bid to take over Paramount Global through the acquisition of National Amusements, the holding company that owns a controlling stake in the media giant, according to sources familiar with the matter. The offer, which includes $2.4 billion in debt and equity for National Amusements and a $1.5 billion contribution to Paramount’s balance sheet, threatens to upend a planned acquisition by Skydance Media and its partners.
Bronfman’s bid also includes an additional $400 million to cover a breakup fee, should Paramount decide to end its existing deal with Skydance. The proposed acquisition by Skydance, which was agreed upon last month, involves buying out the Redstone family’s controlling stake in Paramount and merging with the larger publicly traded company.
Paramount’s special board committee is expected to meet on Wednesday to evaluate Bronfman’s offer and determine its viability. The committee may extend the go-shop deadline to September 5 to fully assess the competing bid. While a spokesperson for Paramount’s board declined to comment, Bronfman did not respond to requests for comment.
Bronfman is no stranger to the media industry. In 1995, he diversified the family’s Seagram liquor business by acquiring MCA, which included Universal Music Group and Universal Studios. He later returned to the entertainment world in 2003 by acquiring Warner Music Group. The bid for Paramount marks Bronfman’s latest attempt to make a significant impact in the media landscape.