Edgar Bronfman Prepares Bid for Paramount Parent National Amusements
Potential bid could come in together in coming days, ahead of Aug. 21 end of ‘go-shop period’
Media executive Edgar Bronfman Jr. is preparing a bid for National Amusements, the family company that controls Paramount Global PARA 7.43%increase; green up pointing triangle, in what would mark the latest twist in one of the messiest media mergers in recent history.
Bronfman, who formerly ran Warner Music and liquor giant Seagram, has held discussions to team up with a number of individuals and companies to back his bid, according to people familiar with the matter. They include Fortress Investment Group and streaming-device maker Roku ROKU 4.06%increase; green up pointing triangle.
A bid could be made in the coming days, the people said. Discussions are still ongoing and it remains possible that no formal bid comes out of the effort.
If a bid is made, it would come more than a month after Paramount’s controlling shareholder Shari Redstone agreed to sell her media empire to David Ellison’s Skydance Media, in a complex deal that saw many fits and turns.
That deal is subject to a “go-shop period,” when other potential buyers can make offers, which ends Aug. 21. And if Paramount does choose to go with another offer, it will owe Skydance a breakup fee of $400 million, according to a securities filing.