Media investor Edgar Bronfman Jr. has increased its last-minute bid to stop the planned merger of Skydance Media and Paramount Global, offering $5.5 billion for Shari Redstone’s stake in National Amusements Inc.
The original bid was submitted to the special committee on Monday night. The offer includes $2.4 billion to acquire NAI, $1.5 billion to pay down Paramount global debt and the remaining money to pay a $400 million Skydance deal-breakup fee. For investors, the proposed deal “significantly lessens the dilution” that would be required under the $8 billion Skydance deal, according to an individual close to the matter.
Early July Paramount Global signed an agreement with Skydance Media to acquire the company. However, under the terms of the $8 billion Skydance deal, Paramount had 45 days to seek better offers for the company.
