Paramount extending 'go shop' period by 15 days so it can review Bronfman offer

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Entertainment giant Paramount Global is extending by 15 days a period where it’s allowed to assess alternative offers to its merger agreement with Skydance so that it can review a proposal from Edgar Bronfman, Jr. Paramount said late Wednesday that the...

Shares of Entertainment giant Paramount Global are up Thursday after announcing it would extend by 15 days a period where it's allowed to assess competing offers to its merger agreement with Skydance.

The company made the announcement late Wednesday after confirming that it had received an offer from Edgar Bronfman, Jr. of Fubo, the streaming company.

Bronfman has been the executive chair at Fubo since 2020, and is the former chairman and CEO of Warner Music.

Bronfman offered $4.3 billion for Shari Redstone's National Amusements, the controlling shareholder of Paramount, according to multiple media reports this week, and upped that bid to $6 billion Wednesday. If accepted, Brofman would own a minority interest in Paramount.

Paramount, based in New York City, said that the “go shop” period for Bronfman will be extended until Sept. 5. There's no guarantee that the process will result in a superior proposal, the company said this week.

The special committee to Paramount's board has reached out to more than 50 third parties during the “go shop” period to determine whether they had an interest in making an offer to acquire the company, it said. The go shop period for those third parties expired on Wednesday.

Paramount agreed to a merger deal with Skydance last month. Shari Redstone’s National Amusements has owned more than three-quarters of Paramount’s Class A voting shares through the estate of her late father, Sumner Redstone. She had battled to maintain control of