Bronfman's Bid for Paramount

Edgar Bronfman Jr. has made a significant offer for a controlling stake in Paramount Global, which could allow Shari Redstone, the current non-executive chairman, to maintain her involvement with the company. If Bronfman's consortium successfully acquires National Amusements, the controlling shareholder of Paramount, Redstone may have a continued role, according to sources familiar with the negotiations. Bronfman has reportedly raised $6 billion to compete with Skydance Media for ownership of National Amusements, founded by Sumner Redstone. Both Bronfman and Skydance's bids include provisions to buy out a portion of Paramount Global's common shareholders. Skydance has proposed a payout of approximately 50% of current investors at $15 per share. The Paramount Global special committee is set to evaluate Bronfman's offer against Skydance's by August 28, with a final decision expected by September 5. Bronfman has a limited window to secure additional funding to strengthen his bid against Skydance, which recently agreed to an $8 billion merger with Paramount Global. Notably, former AOL CEO Jon Miller is part of Bronfman's consortium, indicating that Redstone could have more influence under Bronfman's leadership than with Skydance. Miller, a close ally of Redstone, is expected to play a significant role if Bronfman's bid succeeds. Despite their families' historical connections, Bronfman and Redstone do not share a close personal relationship, which may impact the dynamics of the potential deal. Meanwhile, discussions between Redstone and Skydance CEO David Ellison have explored the possibility of Redstone remaining a shareholder in a merged entity, highlighting the competitive nature of the bids for Paramount Global.