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8mo ago

Bronfman Raises Bid for Paramount to $6 Billion, Challenging Ellison's $8.4 Billion Offer

Paramount's board must decide whether to extend the deadline for Bronfman's bid or proceed with Ellison's higher offer.

Overview

  • Edgar Bronfman Jr. increased his bid for Paramount to $6 billion, aiming to outbid David Ellison's $8.4 billion offer.
  • Paramount's Special Committee of independent directors must evaluate the new bid and its financing strength.
  • Ellison's Skydance Media bid includes $4.5 billion to buy shares from Paramount investors at $15 each, a key factor in its initial acceptance.
  • Bronfman proposes a similar fund to buy shares from non-voting shareholders at $16 each.
  • The decision could impact the future ownership and strategic direction of Paramount Global.