EXCLUSIVE: We’re listening to that Edgar Bronfman Jr.‘s bid for Paramount International might come as early as tonight forward of an 11:59 ET deadline on Aug. 21. That’s when Par’s merger with Skydance will change into official if no “superior” provide has emerged.
Skydance and Paramount’s circa $8 billion mixture introduced in July included a 45-day go-shop interval that may be prolonged twice in 15-day increments, which might kick in if the particular committee of Par’s board of administrators has one other provide credible sufficient to discover additional. It now seems on the cusp of a brand new entrant in former Seagram scion and leisure government at Vivendi Common and Warner Music, which might declare as early as tonight, though it would slide into tomorrow.
The phrases are usually not recognized, however Deadline hears that Bronfman’s bid not consists of Roku amongst its backers. Fortress Funding Group is alleged to be an investor. If Paramount in the end jilts Skydance, any new purchaser could be on the hook for a $400 million breakup charge.
The Skydance transaction would see the David Ellison firm purchase Shari Redstone’s controlling stake in Paramount in addition to all Class A and a few Class B shares, then have Paramount purchase Skydance in an all-stock take care of the corporate remaining public.
Some sources inform Deadline, however we haven’t confirmed, that Paramount director Charles Phillips is a proponent of the Bronfman bid and has been useful in looking for financiers to help it. Phillips, who leads the board’s particular committee in assessing bids, was reportedly instrumental within the earlier Skydance provide going bitter with Paramount International in June earlier than the 2 sides got here collectively once more. Phillips voted for the newest iteration of the Skydance deal.
David Ellison’s firm is backed by Oracle co-founder Larry Ellison and Gerry Cardinale’s Redbird Capital. Skydance would additionally get a have a look at any new provide to be taken up by the Par board’s particular committee, which unanimously accredited the Skydance merger on July 7. It additionally mentioned then that “the corporate doesn’t intend to reveal developments with respect to the go-shop course of until and till it determines such disclosure is acceptable or is in any other case required.” So it’s not clear if or what Paramount would possibly formally disclose this week.
Reps for all events concerned both declined to remark or to answer queries.
