Edgar Bronfman reportedly sweetens bid for Shari Redstone’s Paramount to $6B

Veteran media executive Edgar Bronfman sweetened his offer to $6 billion for National Amusements and a minority stake in Paramount Global, according to a person familiar with the matter

He had previously offered $4.3 billion, according to Reuters sources. Shares of Paramount rose more than 2.3% after the bell.

The competing offer for the home of Paramount Pictures, the CBS broadcast network and MTV threatens to undo an acquisition by tech scion David Ellison and his firm, Skydance Media.

Bronfman’s new bid includes $1.7 billion for a tender offer that would give non-Redstone, non-voting Paramount shareholders an option to cash out at a premium of $16 a share, according to a source familiar with the matter.

That compares to Paramount’s agreement with Skydance, which has committed $4.3 billion to buy Class B shares, each for $15 cash.

Skydance and National Amusements had agreed to a 45-day go-shop period, which is set to end on Aug. 21 and allowed Paramount to solicit and evaluate other offers.

A special committee of the Paramount board agreed to extend the deadline to give it time to evaluate the new bid, according to the New York Times.

The Wall Street Journal was the first to report the changed offer.