Edgar Bronfman Sweetens Paramount Bid To $6 Billion

Edgar Bronfman Jr. has upped his bid for Paramount Global, attempting to pry Paramount away from Skydance.

Bronfman’s initial offer lobbed on Monday night was worth $4.3 billion. He’s now revised that to $6 billion. The same $2.4 ill for Shari Redstone’s holding company National Amusements, which control Paramount, as well as for a minority stake in Paramount itself.

The difference in before and after is $1.7 billion to cash out some of Paramount’s other shareholders, who mostly hold Class B nonvoting stock, at $16 a share. That’s higher than the $15 Skydance offered, but Skydance has offered to buy more, up to $4.5 billion worth.

The revision comes as a special committee of Paramount’s board met several times to consider his offer ahead of an 11:59 pm ET deadline that ends the 45-day go-shop period that was included in the Paramount-Skydance deal. It allowed other parties to jump in. If Par liked any other offers, it can have two 15-day 15-day extensions.

MIORE