Edgar Bronfman’s Paramount bid could keep Shari Redstone involved: report

Edgar Bronfman Jr. is open to Shari Redstone remaining involved with Paramount Global if its special committee accepts its consortium’s offer for National Amusements, the controlling shareholder, CNBC reported Friday.

On Wednesday, the veteran media executive sweetened his bid to take over Paramount by offering $6 billion for National Amusements and a minority stake in the media conglomerate.

Bronfman’s competing bid threatens to undo a planned acquisition by tech scion David Ellison and his independent studio Skydance Media.

Bronfman thanked Paramount Chairman Redstone for her “continued support” and “open dialogue” in the bid process, which does not outline an ongoing role for her at the company, according to an Aug. 19 letter to Paramount’s special committee that was seen by Reuters.

The decision about her continued involvement with Paramount ultimately rests with Redstone, a person familiar with the matter said. Bronfman had previously allowed Sidney Sheinberg, president of entertainment conglomerate MCA, to keep his office after Bronfman gained control of the company in 1995.

A spokesman for Redstone could not immediately be reached for comment. Bronfman did not respond to an email seeking comment.

If Paramount, controlled by Redstone’s family business, accepts an offer that Skydance doesn’t match, it will have to take a $400 million breakup fee.

Paramount and its special board committee declined a Reuters request for comment, while National Amusements and Bronfman did not immediately respond.

Skydance Media CEO Ellison has also spoken with Redstone about her future with the company, the report added.

Paramount and Skydance Media had signed a merger agreement in early July, which included a 45-day “go shop” period to seek and consider other deals.

The board’s special committee had extended the Aug. 21 “go-shop” deadline to Sept. 5 to evaluate Bronfman’s bid, Paramount said this week.

Skydance Media accused Paramount Global’s special committee of violating the terms of its agreement by extending the time period it can engage with other bidders, the Wall Street Journal reported Thursday.