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Edgar Bronfman Jr. Boosts Paramount Bid to $6 Billion, Board Extends Deal-Negotiation Period
Paramount Global's board will evaluate a higher $6 billion bid from Edgar Bronfman Jr. to take over the company.
Alternatively, the Paramount board committee could deem the Bronfman bid a better offer, whereupon Skydance (with financial backer RedBird Capital Partners) would have the opportunity to sweeten its original terms. Bronfman, formerly CEO of Warner Music Group and Seagram, reportedly secured $5.5 billion in capital commitments from nearly 20 backers. Those include Fortress Investment Group, film producer Steven Paul, ex-Turner CEO John Martin, crypto investor and ex-child actor Brock Pierce — and media veteran Jon Miller, a partner at Shari Redstone’s Advancit Capital investment firm, according to the Wall Street Journal.
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