Bullet points of Bronfman's Paramount bid could keep Shari Redstone involved at the company
- Edgar Bronfman Jr. has raised $6 billion to challenge Skydance Media for ownership of National Amusements, the controlling shareholder of Paramount Global.
- Bronfman is open to having Shari Redstone, the current non-executive chairman of Paramount, remain involved with the company if his bid is successful.
- Bronfman's bid would give cash to about 20% of Class B holders at $16 per share, while Skydance would pay out about 50% of current Paramount common investors at $15 per share.
- The Paramount Global special committee will determine if Bronfman's offer is a superior proposal for shareholders by August 28.
- Skydance has agreed to an $8 billion deal to merge with Paramount Global, but Bronfman still has time to raise more money for a competing bid.
- Jon Miller, a former AOL CEO and close ally of Shari Redstone, is part of Bronfman's bid and would likely take a role with the company if it came under Bronfman's stewardship.
- Redstone has not spoken with Miller about the bid, and it's unclear if she prefers one offer over the other.
- The deadline for the entire process to be concluded is September 5.
cnbc.com_2 / CNBC Business by Layer3.news
npub1a8…nw4tu
2024-08-23 19:54:44
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npub1a824tlx9pzc807ddhyy0h9mhqkfjj9j360z2a9kcmxsy6gcjhfaqxnw4tuPublished at
2024-08-23 19:54:44Event JSON
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"content": "Bullet points of Bronfman's Paramount bid could keep Shari Redstone involved at the company\n- Edgar Bronfman Jr. has raised $6 billion to challenge Skydance Media for ownership of National Amusements, the controlling shareholder of Paramount Global.\n- Bronfman is open to having Shari Redstone, the current non-executive chairman of Paramount, remain involved with the company if his bid is successful.\n- Bronfman's bid would give cash to about 20% of Class B holders at $16 per share, while Skydance would pay out about 50% of current Paramount common investors at $15 per share.\n- The Paramount Global special committee will determine if Bronfman's offer is a superior proposal for shareholders by August 28.\n- Skydance has agreed to an $8 billion deal to merge with Paramount Global, but Bronfman still has time to raise more money for a competing bid.\n- Jon Miller, a former AOL CEO and close ally of Shari Redstone, is part of Bronfman's bid and would likely take a role with the company if it came under Bronfman's stewardship.\n- Redstone has not spoken with Miller about the bid, and it's unclear if she prefers one offer over the other.\n- The deadline for the entire process to be concluded is September 5.\n",
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