Media investor Edgar Bronfman Jr. has submitted a last-minute bid to stop the planned merger of Skydance Media and Paramount Global, offering $4.3 billion for Shari Redstone’s stake in National Amusements Inc., TheWrap has learned.
The 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.