Paramount Global, which has agreed to merge with David Ellison’s Skydance Media, is likely to extend a deadline for rival takeover bids if Edgar Bronfman Jr. makes an offer for the company before Wednesday night, people with knowledge of the matter said.
Christopher Palmeri and Hannah MillerBEVERLY HILLS, CALIFORNIA - APRIL 29: Edgar Bronfman, Jr. participates in a panel discussion during the annual Milken Institute Global Conference at The Beverly Hilton Hotel on April 29, 2019 in Beverly Hills, California. --
Bronfman, a longtime media investor, is expected to make an offer for Paramount, the parent of CBS and MTV, as early as Monday, according to one of the people, who wasn’t authorized to speak publicly and asked not to be identified. Paramount agreed to combine with Skydance last month. The terms included a 45-day “go shop” period in which Paramount could solicit and consider other offers. That expires on Aug. 21 at 11:59 p.m. New York time, according to their agreement. The company may extend the deadline to Sept. 5 if it receives a potentially superior offer, the people said.
Bronfman, an heir to the Seagram Co. fortune, has been poring over financial data that Paramount provided potential bidders and has held talks with a wide range of potential investors. They include Bain Capital, which has dropped out. Roku Inc., which held preliminary discussions about participating in an offer for Paramount, hasn’t committed, according to a person familiar with the situation.
Company News Top News Top World
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Edgar Bronfman Jr. still pursuing a deal for Paramount, Axios reportsDavid Ellison's Skydance Media had struck a deal earlier this month to acquire Paramount, which included a 45-day 'go shop' window to find a better offer...
Read more »
Edgar Bronfman prepares bid for Paramount parent National Amusements, WSJ reportsFormer Warner Music Chairman Edgar Bronfman Jr. is preparing a bid for National Amusements, the family company that controls Paramount Global, the Wall...
Read more »
Edgar Bronfman Jr. reportedly preparing bid for ParamountMedia mogul Edgar Bronfman Jr. is reportedly entering the ring and readying a bid for Paramount Global's (PARA) parent company National Amusements. While...
Read more »
Edgar Bronfman Jr. reportedly preparing bids for Paramount Global, National AmusementsAn offer from Bronfman would add another twist to a messy merger saga, which now stands at Paramount having accepted a deal last month from media executive David Ellison’s Skydance Media
Read more »
Paramount could get new offer from Edgar Bronfman Jr.: WSJParamount Global (PARA, PARAA) could receive a new offer, this time from Edgar Bronfman Jr., current chairperson of FuboTV (FUBO) and former CEO of Warner...
Read more »
Paramount Global writes down value of cable networks by $6 billionParamount Global wrote down the value of its cable networks by nearly $6 billion Thursday, in another sign of how significantly the television market has...
Read more »