Edgar Bronfman Submits Roughly $4.3-B Rival Bid for Paramount Global

Veteran media executive Edgar Bronfman Jr. has submitted a bid of approximately $4.3 billion to take over Paramount Global through the acquisition of National Amusements, the family holding company that owns a controlling stake in the media company, a source familiar with the matter told Dawn Chmielewski of Reuters.

Bronfman's bid threatens to disrupt a planned acquisition by tech entrepreneur David Ellison and his firm, Skydance Media. I Photo: JD Lasica Flickr / Wikimedia Commons

The competing offer for the home of Paramount Pictures, the CBS broadcast network, and MTV adds a new twist to a sale process already marked by several unexpected developments.

Bronfman's bid threatens to disrupt a planned acquisition by tech entrepreneur David Ellison and his firm, Skydance Media.

The offer includes $2.4 billion in debt and equity for National Amusements, according to the source. Bronfman would also contribute $1.5 billion to Paramount's balance sheet, which could be used to pay down debt, the source said.

The bid also includes $400 million to cover a breakup fee to terminate the rival deal.

Skydance and its partners had reached an agreement last month to acquire Paramount in a complex transaction, in which they would buy out the Redstone family's controlling stake in Paramount and subsequently merge into the larger publicly traded company, reported Milana Vinn for Reuters.