By Anthony D'Alessandro, Jill Goldsmith
Bronfman and Bain Consider Acquisition of Parent Company Paramount
EXCLUSIVE: We're hearing Edgar Bronfman Jr.'s bid for Paramount Global could come as early as tonight, ahead of the 11:59 p.m. ET deadline on August 21. That's when Paramount's merger with Skydance will become official if there's no "superior" bid has been released.
The roughly $8 billion combination of Skydance and Paramount announced in July included a 45-day go-shop period that could be extended twice in 15-day increments, which would take effect if the special committee of Paramount's board of directors voted otherwise. has a bid that is credible enough to warrant further investigation. It now appears to be on the verge of a new entrant in the former Seagram scion and entertainment executive at Vivendi Universal and Warner Music, who could speak out as early as tonight, although it could also be tomorrow could happen.
Terms are not known, but Deadline understands that Bronfman's bid no longer includes Roku among its backers. Fortress Investment Group is reportedly an investor. If Paramount ultimately abandons Skydance, any new buyer would have to pay $400 million in breakup fees .
