Ex-Warner Music chairman Edgar Bronfman Jr. still pursuing bid for Paramount despite Skydance deal: report

Former Warner Music chairman Edgar Bronfman Jr. is still in talks with bankers about a potential bid for Paramount Global’s parent, National Amusements, Axios reported Tuesday, citing sources. David Ellison’s Skydance Media had struck a deal earlier this month to acquire Paramount, which included a 45-day “go shop” window to find a better offer. If Paramount receives another offer, which Skydance does not match, it would pay a $400 million break-up fee. Skydance and its deal partners would acquire National Amusements for $2.4 billion in cash. Ellison’s media firm would subsequently merge with Paramount, offering $4.5 billion in cash or stock to shareholders and providing an additional $1.5 billion for Paramount’s balance sheet. Edgar Bronfman Jr. is still in talks with bankers about a potential bid for Paramount Global’s parent, National Amusements REUTERS Bronfman was looking to offer between $2 billion and $2.5 billion for National Amusements, the private company that holds the Redstone family’s controlling interest in Paramount. Explore More Paramount declined to comment on the Axios report. A spokesperson for Bronfman told Reuters that he is currently considering his options. Bronfman was looking to offer between $2 billion and $2.5 billion for National Amusements, the private company that holds the Redstone family’s controlling interest in Paramount. REUTERS David Ellison’s Skydance Media had struck a deal earlier this month to acquire Paramount, which included a 45-day “go shop” window to find a better offer. The Hollywood Reporter via Getty Images CNBC reported last Friday that billionaire Barry Diller signaled his digital-media conglomerate IAC was no longer in the race to buy Paramount and that he would be “shocked” if there was not a huge amount of litigation on the planned merger. The merger with Skydance Media was met with a court challenge last week after Paramount’s investor Scott Baker sued to block the deal citing lower payout for shareholders.