Like any good TV show or movie, the saga of the sale of Paramount has a last-second plot twist. According to reports, billionaire media mogul Edgar Bronfman Jr., the former head of Warner Music Group, has submitted a bid of $4.3 billion to take control of Paramount Global — the parent company of CBS, MTV, and Paramount Pictures.
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Last month, Skydance Media entered a deal to purchase the conglomerate for $8 billion, but that deal came with a catch: a 45-day window where Paramount could field other offers. Bronfman entered the fray just as that deadline was about to expire on Wednesday, Aug. 21.
Paramount now has the option to extend that period. If it does, that would be a sign Paramount is seriously thinking about Bronfman’s offer.
Bronfman’s bid was submitted to a committee that was established to look over potential offers. It is expected to review this latest one on Wednesday.
Bronfman was the CEO of Warner Music Group from 2004-2012. He currently serves as the executive chairman of FuboTV, the sports streaming provider that just declared in a victory in court. z
A federal judge sided with FuboTV in its antitrust case against Disney, Fox and Warner Bros. Discovery over the launch of their sports service Venu. The three media giants said they plan to appeal the decision.
[KARAH RUCKER]
FINALLY THIS MORNING – LIKE ANY GOOD TV SHOW OR MOVIE – THE SAGA OF THE SALE OF PARAMOUNT HAS A LAST-SECOND PLOT TWIST.
ACCORDING TO REPORTS – BILLIONAIRE MEDIA MOGUL EDGAR BRONFMAN JUNIOR – THE FORMER HEAD OF WARNER MUSIC GROUP – HAS SUBMITTED AN OFFER OF 4 POINT 3 BILLION DOLLARS TO TAKE CONTROL OF PARAMOUNT GLOBAL – THE PARENT COMPANY OF CBS, MTV AND PARAMOUNT PICTURES.
IT WAS LAST MONTH – WHEN SKYDANCE MEDIA ENTERED A DEAL TO PURCHASE THE MEDIA CONGLOMERATE FOR 8 BILLION DOLLARS – BUT THAT DEAL CAME WITH A CATCH.
A 45-DAY WINDOW WHERE PARAMOUNT COULD FIELD OTHER OFFERS.
AND BRONFMAN HAS ENTERED THE FRAY – JUST AS THAT DEADLINE WAS ABOUT TO EXPIRE ON WEDNESDAY.
NOW PARAMOUNT HAS THE OPTION TO EXTEND THAT PERIOD – AND IF IT DOES – THAT WOULD BE A SIGN THAT PARAMOUNT IS SERIOUSLY THINKING ABOUT BRONFMAN’S OFFER.
SO AS THEY SAY IN SHOW BIZ – THE PLOT THICKENS.
STAY TUNED.
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