Former Warner Music CEO Edgar Bronfman Jr., alongside Bain Capital, has made a $2 billion offer for Paramount Global, joining a competitive field of potential buyers for the media conglomerate.

Photo Credit: Christopher Peterson / CC by 3.0

The offer targets National Amusements Inc. (NAI), which controls 77% of Paramount's voting shares and is currently owned by Shari Redstone. Paramount's portfolio includes CBS, its movie studios, and networks like Comedy Central, Nickelodeon, and MTV.

Hollywood producer Steven Paul has also expressed interest, preparing a nearly $3 billion offer. Meanwhile, Redstone is in talks with Skydance Media and financial partners RedBird Capital and KKR about a potential merger that would give Skydance two-thirds ownership while keeping Paramount public.

Key developments:

• S&P Global recently downgraded Paramount's debt rating to junk status
• The company's long-term debt stands at $14.6 billion as of end-2023
• Sony Pictures recently withdrew its interest in the acquisition
• Current shareholders would receive $15 per share under the Skydance deal

Bronfman brings significant media experience to the bid, having served as Warner Music Group's chairman and CEO from 2004 to 2012. He currently serves as executive chairman of Fubo, a sports-focused streaming service, following his previous role as Seagram CEO before its sale to Vivendi in 2000.

The heightened interest in Paramount comes as the company faces pressure to improve its streaming losses and manage its substantial debt load. No formal offer has been made by Bronfman and Bain Capital yet, and their plans for Paramount remain unclear.

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