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Investor Edgar Bronfman Jr. has reportedly submitted a $4.3B bid for Shari Redstone’s stakes in Paramount (NASDAQ:PARA) (NASDAQ:PARAA) and parent company National Amusements, a move coming before a Wednesday deadline tied to Paramount’s merger deal with Skydance Media.
Bronfman, heir to the Seagram fortune, confirmed widespread speculation about a bid by looking to take over Redstone’s holdings, both in NAI, her family company, and the minority stake in the venerable Hollywood studio, The Wall Street Journal reported.
That comes under the wire for a 45-day “go-shop” period tied to NAI’s deal to merge Paramount with David Ellison’s Skydance Media production company. Earlier Monday, it was reported that Paramount would likely extend the deadline for rival bids if Bronfman came through with an offer before Wednesday.
Bronfman had reportedly previously talked with private-equity firm Bain Capital and Roku (ROKU) about partnering on a bid.
Paramount’s nonvoting stock (PARA) has risen 7.5% over the past five days as the end of the go-shop period neared; the voting stock (PARAA) is up 3.2% over that span, but it has risen 31% over the past year.
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