Edgar Bronfman reportedly sweetens bid for Shari Redstone’s Paramount to $6B

Veteran media executive Edgar Bronfman sweetened his offer to $6 billion for National Amusements and a minority stake in Paramount Global, according to a person familiar with the matter

He had previously offered $4.3 billion, according to Reuters sources. Shares of Paramount rose more than 2.3% after the bell.

The competing offer for the home of Paramount Pictures, the CBS broadcast network and MTV threatens to undo an acquisition by tech scion David Ellison and his firm, Skydance Media.


Edgar Bronfman
Veteran media executive Edgar Bronfman had previously offered $4.3 billion. Getty Images

Bronfman’s new bid includes $1.7 billion for a tender offer that would give non-Redstone, non-voting Paramount shareholders an option to cash out at a premium of $16 a share, according to a source familiar with the matter.

The Wall Street Journal was the first to report the changed offer.

That compares to Paramount’s agreement with Skydance, which has committed $4.3 billion to buy Class B shares, each for $15 cash.


Paramount sign
Shares of Paramount rose more than 2% after the bell. AFP via Getty Images

Skydance and National Amusements had agreed to a 45-day go-shop period, which is set to end on Aug. 21 and allowed Paramount to solicit and evaluate other offers.

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