Edgar Bronfman Raises Paramount Acquisition Bid

Edgar Bronfman Jr. has increased his bid for Paramount Global to $6 billion, up from $4.3 billion, aiming to acquire the Redstone family's National Amusements stake. This move poses a challenge to Paramount's previously agreed $8 billion merger with Skydance Media, led by David Ellison, which was finalized in July. Bronfman's offer includes a $1.7 billion tender for non-voting shareholders, presenting a $16 per share premium, slightly above Skydance's $15 offer. Paramount's board is currently evaluating Bronfman's proposal during a 45-day 'go shop' period, which allows them to consider other bids. The ongoing negotiations indicate a turbulent landscape for Paramount, which owns iconic networks and studios, heightening uncertainty over its future direction. Paramount's stock rose following the news of Bronfman's improved bid, reflecting investor interest amidst the unfolding situation.