Edgar Bronfman's offer for Paramount could involve Shari Redstone

Edgar Bronfman Jr.’s offer for a majority stake in Outstanding Global could tie Shari Redstone to the corporate if his offer is successful.

Bronfman is willing to maintain Redstone, currently Paramount's non-executive chairman, at the corporate if Paramount's special committee accepts his consortium's offer for majority shareholder National Amusements, an individual accustomed to the matter said.

Bronfman has raised $6 billion to challenge Skydance Media's ownership of National Amusements, the holding company founded by Sumner Redstone, people accustomed to the matter said. Both Bronfman's and Skydance's offers would also include money to purchase out a portion of Paramount Global's common stock.

Bronfman's offer, at a price of $6 billion, would give about 20 percent of Class B holders at $16 per share. Skydance would pay out about 50 percent of Paramount's current common stockholders at $15 per share as a part of its offer, people accustomed to the offer said.

It just isn’t clear whether Redstone prefers one offer over the opposite. Paramount Global's special committee will resolve by August 28 whether Bronfman's offer is a greater deal for shareholders. If the committee decides Bronfman's offer is best, Skydance could have 4 business days to match it. The entire process should be accomplished by September 5.

Bronfman has a couple of days left to lift extra money for a rival bid against Skydance, which last month agreed to an $8 billion deal to merge with Paramount Global. The special committee earlier this week prolonged the so-called “go-shop” period – during which competing offers could be considered – by 15 days to think about Bronfman's original offer.

One of the people involved in Bronfman's bid is former AOL CEO Jon Miller, suggesting Redstone could potentially have more control over a future Paramount Global than she would get at Skydance. Miller, an in depth Redstone ally, has connected Bronfman with potential capital and would likely take a job in the corporate if it got here under Bronfman's leadership — possibly a board seat and an operating job — people accustomed to the matter say. Bronfman can be CEO of the corporate if his deal is accepted and followed through, the people said.

Miller, Redstone and Redstone's son-in-law Jason Ostheimer co-run Advancit Capital, a small enterprise capital firm that invests in media and technology. The trio is the one person on the corporate website. Miller has also served as a de facto strategic adviser to Redstone for a few years, in accordance with people accustomed to the matter.

Redstone has not spoken to Miller concerning the offer, in accordance with people accustomed to the matter.

Although the Redstone family and the Bronfman family moved in similar circles and donated generously to Jewish foundations, amongst other things, Edgar Bronfman Jr. and Shari Redstone didn’t meet often and there isn’t a close relationship between them, two of the people said.

Skydance CEO David Ellison and Redstone have had several discussions about the potential for Redstone remaining with the corporate as a shareholder in a combined company between Skydance and Paramount Global, in accordance with people accustomed to the matter.

According to an individual accustomed to her considering, Redstone is taking a wait-and-see approach to any future involvement with Paramount Global, whatever the company's ownership.

Spokespeople for Redstone, Bronfman, the Paramount Global special committee and Skydance all declined to comment.

Bronfman has in recent weeks rallied many individuals all for a stake in Paramount Global, including film producer Steven Paul and Patron co-founder John Paul DeJoria, who had previously considered a bid of their very own, in accordance with an individual accustomed to the matter. Others include Fortress Investment Group, the lending arm of personal equity firm BC Partners, and John Martin, the previous CEO of Turner Broadcasting.

Bronfman's funding comes from many alternative sources, potentially raising regulatory concerns if an excessive amount of money comes from foreign entities. The many alternative backers could also make Bronfman's bid riskier than Skydance's bid, which is backed by private equity firm RedBird Capital and multi-billionaire Larry Ellison, father of David Ellison.

Bronfman is chairman of Fubo, a sports streaming service, and the previous head of Universal and Warner Music.

Skydance's lawyers have sent a letter to Paramount Global's special committee urging the corporate to stop negotiations with Bronfman, in accordance with the Wall Street Journal. reported on Thursday. Skydance said Paramount Global violated the terms of the Go-Shop agreement by failing to tell Skydance of the planned window extension, the report said.

Skydance also argued that the special committee didn’t have the correct to increase the deadline because a suggestion “could reasonably be expected to result in a better offer.” Skydance argued that Bronfman's offer didn’t meet those criteria.

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