Paramount Gets Competing Bid From Bronfman Consortium

Media executive Edgar Bronfman entered a bid for Paramount Global, Paramount said Thursday. Acting on behalf of an investor group, Bronfman has extended the "go shop" period under the transaction agreement Paramount already has with studio Skydance Media (see 2407080025), letting Paramount continue soliciting competing offers. The company said the go shop period now runs to Sept. 5. It said that the board's special committee contacted more than 50 third parties to gauge their interest in making a proposal to buy Paramount. Formerly CEO and chairman of Warner Music, Bronfman is chairman of FuboTV.