Veteran media executive Edgar Bronfman is biding $6 billion to buy National Amusements Inc. and will also buy a minority stake in Paramount Global, the people said.
He had previously offered $4.3 billion, according to Reuters. Paramount shares rose more than 2.3% after the close.
A competing bid for the home of Paramount Pictures, the CBS broadcast network and MTV threatens to derail a takeover by tech magnate David Ellison and his company Skydance Media.
Bronfman’s new proposal includes $1.7 billion for a tender offer that would give non-voting Paramount shareholders other than Redstone the option to cash out at a premium of $16 a share, according to people familiar with the matter.
In response, Paramount has an agreement with Skydance to purchase its Class B shares for $4.3 billion at $15 per share in cash.
Skydance and National Amusements had agreed to a 45-day review period ending Aug. 21, during which Paramount could solicit and evaluate other proposals.
A special committee of Paramount’s board of directors agreed to extend the deadline to allow time to evaluate new bids. According to the New York Times:.
of The Wall Street Journal first reported the news. Modified offer.
