Bronfman submits $4.3B bid for Paramount parent
Add Axios as your preferred source to
see more of our stories on Google.
Edgar Bronfman Jr. Getty Images
Media executive Edgar Bronfman Jr. has teamed up with "Baby Geniuses" producer Steven Paul on a $4.3 billion offer for Paramount Global's parent, Axios has confirmed.
Why it matters: The last minute bid could scuttle Paramount's $8 billion agreement with Skydance Media and adds another twist to an already chaotic sale process.
Zoom in: The Canadian billionaire has proposed buying National Amusements (NAI), Paramount's parent company, for $1.75 billion and investing $1.5 billion into Paramount as part of the deal, according to a source familiar.
- The NAI price and Paramount injection money is the same amount Skydance has offered.
- All in, the Bronfman offer is worth $4.3 billion, the source said. The Wall Street Journal, which was first to report the Bronfman bid, said Bronfman will also pay the $400 million Skydance break-up fee if the offer succeeds.
Catch up quick: Skydance's agreement for NAI includes merging the entertainment studio with Paramount in a transaction valued at around $8 billion.
- Bronfman was among the names floating around the Paramount sale before Skydance struck its deal in early July.
- Axios reported late in July that Bronfman was still pressing for a deal for National Amusements — the holding company run by entertainment scion Shari Redstone.
- The go-shop period ends Wednesday.
What's next: Paramount's special committee must now determine whether it wants to proceed with evaluating Bronfman's offer and extend the go-shop period.
