The book isn’t closed yet on Paramount Global‘s months-long M&A epic.
On Monday (Aug. 19), billionaire and erstwhile media mogul Edgar Bronfman Jr. submitted an offer valued at $4.3 billion to acquire Shari Redstone’s National Amusements Inc., which is the controlling shareholder of Paramount Global, Variety has confirmed.
Bronfman’s bid is an attempt to rival the offer from David Ellison’s Skydance Media and its financial backers, which last month clinched an agreement worth more than $8 billion for NAI and Paramount Global.
Bronfman’s bid was submitted to the special committee established by Paramount Global’s board to evaluate M&A offers, which is expected to review it on Wednesday. Reps for NAI and Bronfman declined to comment; representatives for the Paramount special committee did not respond to a request for comment.
Bronfman’s bid for NAI was first reported by the Wall Street Journal.
Bronfman’s offer comprises $2.4 billion in debt and equity for NAI, $1.5 billion in cash for Paramount’s balance sheet to pay down debt, and $400 million for the breakup fee Paramount would be forced to pay the Skydance group if Paramount opts for Bronfman’s offer.
On July 7, Paramount Global and Skydance Media, David Ellison’s smaller media and production company, announced a two-part transaction that will result in Skydance buying out Shari Redstone’s National Amusements Inc. and then merging with Paramount, whose properties include CBS, Paramount Pictures, Showtime/MTV Entertainment Studios and Paramount Media Networks.
Under a “go-shop” provision in that agreement, Paramount Global has the right to solicit a better offer in a 45-day window, which expires 11:59 p.m. ET on Aug. 21.
Currently, Bronfman serves as executive chairman of Fubo, the sports-focused streaming pay-TV provider that last week won a legal victory over Disney, Warner Bros. Discovery and Fox Corp.’s Venu sports streaming joint venture. Bronfman was chairman and CEO of Warner Music Group from 2004-12, stepping down after it was acquired by Len Blavatnik’s Access Industries. Before WMG, he was CEO of Seagram before he sold that business to Vivendi.
