The Paramount Global takeover saga has taken a fresh twist with Edgar Bronfman Jr., the media industry veteran who previously headed Warner Music, tabling a $4.3 billion offer for a controlling stake in the business.
The deal would see Bronfman take control of National Amusements, the company through which the Redstone family controls the sprawling Paramount media business.
National Amusements holds the majority of voting shares in Paramount, meaning the deal could scuttle the agreed-upon merger with Skydance.
Speculation that Bronfman was lining up a bid began circling on Monday before various news sources including The Wall Street Journal and Reuters reported that a formal offer had been made.
According to reports, Bronfman argues his proposal trumps the Skydance proposal as it will result in less dilution for Paramount’s non-Redstone shareholders.
Bronfman will reportedly invest an additional $1.5 billion to reduce Paramount’s debt.