Edgar Bronfman’s Paramount Bid Could Land As Early As Tonight As Deadline Looms – The Dish

EXCLUSIVE: We are hearing that Edgar Bronfman Jr.‘s bid for Paramount Global could come as early as tonight ahead of an 11:59 ET deadline on Aug. 21. That’s when Par’s merger with Skydance will become official if no “superior” offer has emerged.

Skydance and Paramount’s circa $8 billion combination announced in July included a 45-day go-shop period that can be extended twice in 15-day increments, which would kick in if the special committee of Par’s board of directors has another offer credible enough to explore further. It now appears on the cusp of a new entrant in former Seagram scion and entertainment executive at Vivendi Universal and Warner Music, which could declare as early as tonight although it might slide into tomorrow.

The terms are not known but Deadline hears that Bronfman’s bid no longer includes Roku among its backers. Fortress Investment Group is said to be an investor. If Paramount ultimately jilts Skydance, any new buyer would be on the hook for a $400 million breakup fee.

The Skydance transaction would see the David Ellison company acquire Shari Restone’s controlling stake in Paramount as well as all Class A and some Class B shares, then have Paramount buy Skydance in an all-stock deal with the company remaining public.

Some sources tell Deadline, but we haven’t confirmed, that Paramount director Charles Phillips is a proponent of the Bronfman bid and has been helpful in seeking financiers to assist it. Phillips, who leads the board’s special committee in assessing bids, was reportedly instrumental in the previous Skydance offer going sour with Paramount Global in June before the two sides came together again. Phillips voted for the latest iteration of the Skydance deal.

David Ellison’s company is backed by Oracle co-founder Larry Ellison and Gerry Cardinale’s Redbird Capital. Skydance would also get a look at any new offer to be taken up by the Par board’s special committee, which unanimously approved the Skydance merger on July 7. It also said then that “the company does not intend to disclose developments with respect to the go-shop process unless and until it it determines such disclosure is appropriate or is otherwise required.” So it’s not clear if or what Paramount might officially disclose this week.

Reps for all parties involved either declined to comment or to respond to queries.