Paramount Global has extended the deadline to assess a late-stage takeover bid from media executive Edgar Bronfman Jr., signaling that the company is taking the offer seriously. The move, announced on Wednesday, comes as Bronfman’s bid has the potential to disrupt an existing $8 billion acquisition agreement with Skydance Media, a rising Hollywood studio.
The Skydance deal, which was finalized after months of negotiations, is backed by Oracle founder Larry Ellison, whose son, David Ellison, heads the studio. However, the surprise bid from Bronfman, submitted at the last minute, has prompted Paramount to give its special committee of directors more time to weigh the merits of the competing offers. The committee now has until early September to determine whether Bronfman’s proposal is superior to the Skydance agreement.
The extension also provides Skydance with an opportunity to improve its offer, which could prolong the acquisition process. This bidding war underscores the high stakes involved as both parties vie for control of one of the most storied names in American media.
Bronfman, who has a long history in the entertainment industry, has assembled a powerful group of investors to support his bid. The consortium includes prominent private equity firms such as Fortress Investment Group and a cryptocurrency mogul with ties to Hollywood, who once starred in a film from the “Mighty Ducks” franchise. Together, they have proposed a $6 billion deal that would give them a controlling stake in National Amusements, the parent company of Paramount, along with a minority stake in the media conglomerate itself.
The bidding group’s connections to Shari Redstone, Paramount’s influential controlling shareholder, add another layer of intrigue to the unfolding drama. Redstone, whose family has controlled Paramount for decades, will play a pivotal role in the final decision.
Paramount’s decision to extend the deadline reflects the gravity of Bronfman’s offer and the complex dynamics at play. As the special committee continues its deliberations, the media world is closely watching to see whether the company’s future will be shaped by Skydance’s steady hand or Bronfman’s bold vision.
With billions of dollars on the line and the future of a major media empire hanging in the balance, this takeover battle has all the elements of a Hollywood blockbuster. Whether Bronfman can outmaneuver Skydance and secure a victory remains to be seen, but one thing is certain: the coming weeks will be critical for the future of Paramount.
