Edgar Bronfman Jr. Sweetens Bid For Paramount To $6 Billion
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deadline.comEdgar Bronfman Jr. has upped his bid for Paramount Global, attempting to pry Paramount away from a deal with David Ellison‘s Skydance.
Bronfman’s initial offer lobbed on Monday night was worth $4.3 billion. He’s now revised that to $6 billion. There’s the same $2.4 billion for Shari Redstone’s holding company National Amusements, which control Paramount, plus another $3.2 billion.
Some $1.5 billion was going to help pay down debt. Bronfman would like the other $1.7 billion to be offered to Paramount’s Class B nonvoting shareholders.
They could cash out shares on a prorated basis for to that amount at $16 a share. That price is higher than the $15 Skydance offered, but Skydance is buying many more shares, up to $4.5 billion worth.
Read more on deadline.com
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