Bronfman tables competing $6.4b bid for Paramount: WSJ

The news: Veteran media executive Edgar Bronfman Jr, who is also heir to the Billionaire Canadian entrepreneur, made a competing USD4.3 billion ($6.4 billion) bid to acquire Shari Redstone’s National Amusements and a minority stake in Paramount, The Wall Street Journal reported.

The numbers: Similar to a deal agreed with David Ellison’s production company, Skydance Media, the new bid values National Amusements at USD1.75 billion and includes a USD1.5 billion investment into Paramount’s balance sheet, the paper said citing sources with knowledge of the details.

The context: Bronfman’s offer also includes a USD400 million fee to break the deal National Amusements- Redstone’s family vehicle controlling Paramount Global- and Paramount have already agreed to with Skydance.

Paramount’s special committee now must determine if Bronfman’s proposal is superior to Skydance’s before the go-shop period, which allows other potential buyers to submit offers, ends on Wednesday.