Edgar Bronfman Jr. offers $4.3 billion to acquire Paramount Global, competing with Skydance deal

Edgar Bronfman's proposal is intended to compete with David Ellison's Skydance Media and its financial partners.

Billionaire media mogul Edgar Bronfman Jr. put forward a $4.3 billion bid to acquire Shari Redstone’s National Amusements Inc., the controlling entity of Paramount Global, as confirmed by Variety.

Bronfman’s proposal is intended to compete with David Ellison’s Skydance Media and its financial partners, which last month secured a binding agreement valued at over $8 billion for NAI and Paramount Global.

The bid was submitted to a special committee formed by Paramount Global’s board to assess M&A offers, and the committee is expected to review it on Wednesday. Reps for NAI and Bronfman declined to comment; representatives from the special committee of Paramount’s board did not respond to a request for comment.

The Wall Street Journal was the first to report on Bronfman’s bid for NAI.

Bronfman’s offer includes $2.4 billion for NAI (approximately $1.75 billion after accounting for debt); $1.5 billion intended for Paramount’s balance sheet to reduce debt; and $400 million for the breakup fee Paramount would need to pay the Skydance group if it chooses Bronfman’s offer.

On July 7, Paramount Global and Skydance Media announced a two-part deal in which Skydance would acquire Shari Redstone’s National Amusements Inc. and subsequently merge with Paramount, which owns CBS, Paramount Pictures, Showtime/MTV Entertainment Studios, and Paramount Media Networks. Under a “go-shop” provision in that deal, Paramount Global has the option to seek a better offer within a 45-day period, which ends at 11:59 p.m. ET on Aug. 21.

Currently, Bronfman is the executive chairman of Fubo, a sports-centric streaming pay-TV service that recently achieved a legal win over Disney, Warner Bros. Discovery, and Fox Corp.'s Venu sports streaming joint venture. A federal judge granted a preliminary injunction blocking Venu’s launch, supporting Fubo’s antitrust claims. Bronfman previously served as chairman and CEO of Warner Music Group from 2004 to 2012.