The long-running saga of who may or may not buy Paramount Pictures parent Paramount Global took a turn on Monday with reports that Edgar Bronfman Jr. has entered the fray.
The former CEO of Seagram, vice-chairman of Vivendi Universal, and CEO of Warner Music, is said to have expressed interest in mounting a $2-2.5bn acquisition of Shari Redstone’s National Amusements, owner of a controlling interest in Paramount Global.
The report by The Wall Street Journal noted that Bronfman is backed by private equity company Bain Capital and at time of writing no formal bid had been submitted.
Redstone is understood to be weighing up the recently revised $8bn offer from longtime suitor David Ellison’s Skydance Media and his backers RedBird Capital.
Independent producer and manager Steven Paul is also in the mix according to an earlier report in the Journal.
There is also the joint $26bn bid from private equity giant Apollo Global Management and Sony Pictures, who have gone quiet in recent weeks.
Meanwhile Paramount’s triumvirate office of the CEO comprising George Cheeks, Chris McCarthy, and Brian Robbins reminded the industry last week that they were nominally in charge of Paramount Global and laid out their strategic plan including $500m in cost savings and a sale of non-core assets.
Bronfman Jr., who currently serves as executive chairman of the sports streaming platform Fubo, led a failed investor group bit to buy Time Inc. in 2016. In 2011 he was convicted of insider trading and fined Euros 5m related to his conduct at Vivendi in the early aughts.
Representatives had not confirmed the Journal report to press at time of writing.
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