Kidscreen » Archive » Paramount extends Skydance Go Shop period

It’s too early to draw the credits on the sale of Paramount Global, as businessman Edgar Bronfman Jr. and his consortium of potential investors submitted a revised – and increased – offer for the Hollywood giant at the last minute.

Bronfman Jr.’s group originally made a $4.3 billion bid on Monday to acquire National Amusements from Paramount majority shareholder Shari Redstone. But yesterday (August 21), Bronfman was able to increase his offer to $6 billion – just before the 45-day go-shop deadline for the Paramount-Skydance merger was supposed to end last night at 11:59 p.m.

To consider this new offer, Paramount’s special committee is extending the review deadline to September 5, specifically for the Bronfman consortium. “There is no assurance that this process will result in a superior offer,” Paramount said in a statement yesterday. “The company does not intend to disclose any further developments unless it determines that such disclosure is appropriate or otherwise necessary.”

During the original go-shop phase, the Special Committee contacted more than 50 third parties to determine whether any of them had potential interest in acquiring Paramount.

It remains to be seen whether Bronfman Jr. will be victorious in the long-running merger saga. Although frontrunner Skydance Media’s $8 billion offer won committee approval last month, the deal sailed through some choppy waters – from Redstone Withdrawal from the discussions in June to a recent Class action lawsuit by shareholders who challenge the terms of the proposed merger.