Billionaire Edgar Bronfman Jr. Makes “Over $4 Billion” Bid for Paramount Global Amid Merger Talks with Skydance Media

Last updated on September 3rd, 2024 at 10:35 pm

Billionaire Edgar Bronfman Jr. has made a “multibillion-dollar offer to buy Paramount Global” , a major Hollywood company. This offer comes as Paramount is considering a merger with another company, Skydance Media LLC.

Bronfman’s offer is ” over $4 billion ” . This comes as Paramount Global is in a 45-day period during which it must consider other offers after announcing a deal with another media company.

Read more: A Possible Canadian Rail Strike Could Impact U.S. Businesses: What You Need to Know | Aug 21, 2024

The preliminary deal between Paramount and Skydance, owned by Larry Ellison, is worth about $8 billion and will probably be closely examined by regulators.

Edgar Bronfman Jr., who used to be a top executive at Warner Music Group and Vivendi, previously tried but failed to buy Time Inc. in 2017.

Edgar Bronfman Jr. is also the chair of Fubo, a sports streaming company. This summer, Fubo sued Warner Bros. Discovery, Disney, and Fox, claiming that their plans for a sports streaming service were unfair and hurt competition.

Axios reported that Edgar Bronfman Jr. has raised over $5 billion to help buy Paramount. Paramount is looking for a buyer because it has significant debt and has had to lower the value of its assets.

The company has pledged to cut more than $500 million from its budget by the end of the year, which will include laying off hundreds of workers. Paramount owns major brands like CBS, MTV, and Paramount Pictures.