Liquor scion reportedly preps bid for Paramount — days before Skydance merger is official

Core Viewpoint - Edgar Bronfman Jr. is preparing to bid for Paramount Global shortly before a pending $8 billion merger with Skydance Media becomes official [1][2] Group 1: Bid and Acquisition Details - Bronfman is in discussions with potential investors to support his bid for National Amusements, the parent company of Paramount Global [1][2] - The deadline for Bronfman to submit his proposal is August 21, coinciding with the end of the "go-shop period" for Paramount [2] - Paramount would incur a $400 million breakup fee if it chooses to pursue another bid instead of the merger with Skydance [3] Group 2: Company Restructuring and Financials - Paramount has initiated a cost-cutting strategy, including layoffs of 15% of its workforce and a nearly $6 billion write-down of its cable networks [4] - The new combined entity with Skydance is valued at approximately $28 billion, with an expected closing date in September 2025, pending regulatory approval [6] Group 3: Historical Context and Leadership Changes - The merger with Skydance signifies the end of the Redstone family's long-standing influence in Hollywood, as Shari Redstone's National Amusements has controlled a significant portion of Paramount's voting shares [5] - David Ellison, founder of Skydance, is set to become the chairman and CEO of the newly formed company, referred to as New Paramount [8] Group 4: Strategic Vision - Ellison has emphasized a "creative first" approach and the need for the company to evolve into a "tech hybrid" to remain competitive in the changing media landscape [9]