Billionaire media tycoon Edgar Bronfman Jr. has submitted a multibillion dollar offer to acquire Hollywood giant Paramount Global as the company weighs a merger with Skydance Media LLC.
Bronfman’s offer is worth more than $4 billion, according to multiple reports, and comes at the end of the 45-day window Paramount has to consider other offers after announcing a deal with the media conglomerate.
The tentative deal between Paramount and Larry Ellison’s Skydance is worth a reported $8 billion and is likely to face heavy regulatory scrutiny.
Bronfman is a former top executive at Warner Music Group and holding company Vivendi who in 2017 made an unsuccessful bid for Time Inc.
He is also the chair of sports streamer Fubo, which earlier this summer sued Warner Bros. Discovery Inc., The Walt Disney Co. and Fox Corp. over a planned sports streaming venture, alleging competitive practices.
Axios reported Tuesday that Bronfman has raised more than $5 billion as part of his push to acquire Paramount, a company that is seeking a buyer as it faces major questions about its debt and has taken markdowns on its linear assets.
The company has promised to cut more than $500 million from its budget before year’s end, including laying off hundreds of employees.
Paramount operates major media brands including CBS, MTV and Paramount Pictures.