There may indeed be a second bidder for Paramount

Spokespeople for Bronfman and Skydance did not respond to a request for comment.

Paramount Global and Skydance announced a merger in July, capping months of a tumultuous deal-making process. In the deal, Shari Redstone’s controlling stake in Paramount would be sold to Ellison’s media venture.

The marriage of the two companies was packaged at the time as the “New Paramount”.

The deal, however, contained a 45-day provision known as a “go-shop” period, which allowed Paramount to continue looking for other bidders.

Enter Bronfman Jr., who is now the president of Fubo, a sports streaming company.

The Wall Street Journal reported late Monday that the media executive had submitted an offer to buy Redstone’s stake for $4.3 billion.

He has since increased his offer to $6 billion, sources familiar with the matter said Wednesday.

Paramount’s special committee announced late Wednesday, hours before the 45-day window had closed, that the company was extending the deadline to consider Bronfman Jr.’s offer.

Skydance now has until September 5 to sweeten the deal.

Despite the expansion, Bronfman Jr. and his backers still face a potentially fierce bidding war.

Skydance has the backing of the Ellison family, which includes billionaire Oracle co-founder Larry Ellison.

According to The New York Times, investors in Bronfman Jr.’s camp include private equity firms like Fortress Investment Group and crypto investor Brock Pierce, who starred in the “Mighty Ducks.”
franchise as a child actor.