Bronfman Offers $6 Billion for Paramount Global

Paramount Global is considering a $6 billion acquisition bid from Edgar Bronfman Jr., which challenges an existing $8 billion merger agreement with Skydance Media. The special committee has extended the 'go-shop' period by 15 days to evaluate Bronfman's offer, which includes $1.7 billion for a tender offer to non-voting shareholders at $16 per share, compared to Skydance's $15 per share. Bronfman's proposal also includes funds to reduce Paramount's debt. The Skydance deal, led by David Ellison, involves a two-step transaction with an all-stock deal for National Amusements, Paramount's controlling shareholder. Bronfman’s bid aims to avoid the complexities of merging with Skydance, offering a streamlined alternative.