via Wikimedia Commons)
Former Warner Music Chairman Edgar Bronfman, Jr. is reportedly still interested in making a play for Paramount Global, and he is working to win over some big names to help back his bid.
On Thursday, the Wall Street Journal said Bronfman has held discussions with Fortress Investment Group, streaming hardware maker Roku and Hollywood producer Steven Paul about financially backing an offer to take control of National Amusements, the largest shareholder of Paramount’s stock.
A takeover of National Amusements would essentially give Bronfman control of Paramount itself. It wasn’t clear from the Journal’s reporting if Bronfman intended to press forward with a complex merger-and-acquisition scheme in order to own Paramount outright, similar to the deal the company currently has with Skydance Media, which also involves a buyout of National Amusements.
The deal between Skydance and Paramount is currently on hold while Paramount explores other offers during a 45-day “go-shop” window. That ends on August 21, at which point Skydance and Paramount will proceed with their deal. Bronfman could make an offer in the coming days, presumably before the go-shop window closes.
Bronfman is likely unable to offer National Amusements substantially more cash than it would receive from Skydance Media, but he is hoping to win over Paramount’s board by allowing shareholders to own more of the company than what Skydance’s plan calls for, according to the Journal, which offered no more specifics about the arrangement.
Less clear is whether Bronfman would be able to continue serving in his capacity as the executive chairman of Fubo, a streaming television service that offers access to Paramount-owned channels like CBS, Comedy Central, MTV, VH1 and CBS Sports Network along with channels from some of Paramount’s competitors.
This article, Edgar Bronfman Jr. courts Fortress, Roku in bid for Paramount, was first published at The Desk. To submit a news tip, comment or request for correction, please click or tap here.
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