Edgar Bronfman Jr. is open to Shari Redstone remaining involved in Paramount Global if its special committee accepts his consortium’s offer for National Amusements, the majority shareholder, CNBC reported Friday.
On Wednesday, the media veteran upgraded its takeover bid for Paramount, offering $6 billion for National Amusements and a minority stake in the media conglomerate.
Bronfman’s rival bid threatens to undo a planned acquisition by tech pioneer David Ellison and his independent studio Skydance Media.
Bronfman thanked Paramount Chairman Redstone for her “continued support” and “open dialogue” in the bidding process, which does not describe a permanent role for her at the company, according to an Aug. 19 letter to Paramount’s special committee seen by Reuters.
The decision to remain involved in Paramount ultimately rests with Redstone, a person familiar with the matter said. Bronfman had previously allowed Sidney Sheinberg, the chairman of the MCA entertainment conglomerate, to keep his office after Bronfman took control of the company in 1995.
A Redstone spokesman could not immediately be reached for comment. Bronfman did not respond to an email seeking comment.
If Paramount, controlled by Redstone’s family business, accepts an offer that Skydance doesn’t match, it would have to pay $400 million in severance pay.
Paramount and its special committee of the board declined a Reuters request for comment, while National Amusements and Bronfman did not immediately respond.
Skydance Media CEO Ellison also spoke with Redstone about his future at the company, the report added.
Paramount and Skydance Media signed a merger agreement in early July that included a 45-day “look-out” period to solicit and consider other deals.
The board’s special committee extended the Aug. 21 deadline to Sept. 5 to evaluate Bronfman’s offer, Paramount said this week.
Skydance Media has accused Paramount Global’s special committee of violating the terms of its deal by extending the period during which it can engage with other bidders, the Wall Street Journal reported Thursday.
