Edgar Bronfman Jr. has made a $4.3 billion bid for Paramount Global, according to published reports.
Paramount, among the struggling legacy media companies, agreed to be acquired by Skydance Media, led by David Ellison, son of billionaire Larry Ellison.
Under the terms of the $8 billion Skydance deal, favored by controlling shareholder Shari Redstone, who’s father media mogul Sumner Redstone assembled Paramount, Paramount had 45 days to seek better offers for the company.
The bid from Bronfman, who has used his family’s fortune from selling Seagram’s to dabble in media, includes $2.4 billion in debut and equity that will go to National Amusements, the Redstone family holding company that owns the bulk of Paramount voting stock.
Paramount’s other shareholders have objected to the Skydance the offer because it favors Redstone.
The Bronfman offer would also provide Paramount with $1.5 billion in fresh cash to pay down debut.
Paramount has announced plans to cut costs by $500 million, mainly by reducing its workforce by 15%.
