Edgar Bronfman bids $4.3 bln for National Amusements, Paramount- WSJ

Investing.comAug 20, 2024 5:08 AM

Investing.com-- Media executive Edgar Bronfman Jr. submitted a $4.3 billion bid for Shari Redstone’s National Amusements and its stake in Paramount Global (NASDAQ:PARA), the Wall Street Journal reported on Monday.

Bronfman’s bid comes over a month after Redstone entered a deal with David Ellison’s Skydance Global, which will merge Paramount with Skydance and create a new company with Ellison at the helm.

Bronfman’s offer potentially complicates Paramount’s fate, especially as the Skydance merger was reached after years of negotiations with different parties.

Reports earlier in August had suggested Bronfman was interested in submitting a bid for Paramount.

Bronfman is currently the chairman of streaming service Fubotv Inc (NYSE:FUBO), and had served as the head of Warner Music Group, overseeing its sale to Access Industries.

Paramount is one of Hollywood’s oldest studios, and has been a long sought-after target for several media companies vying to gain access to its range of properties, including television channels Nickelodeon, Comedy Central and MTV.

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