Paramount's last-minute bidder wants to partner with a streaming service, report says

Core Viewpoint - Edgar Bronfman Jr. is seeking to partner Paramount with a technology company to enhance its streaming strategy, particularly in light of its recent financial struggles and competition in the market [2][3][4]. Group 1: Bidding War and Financial Context - Bronfman has made a surprise $6 billion bid for Paramount, entering a competitive situation with Skydance Media, which had previously planned a merger with Paramount [1][4]. - Paramount has experienced a 17% revenue decline in the last quarter, indicating financial challenges that Bronfman believes can be addressed through a tech partnership [4]. - Paramount+ has 68 million subscribers, significantly trailing behind Netflix, which has over 277 million subscribers as of June [3]. Group 2: Strategic Moves and Proposals - Bronfman's bid includes acquiring National Amusements Inc., the holding company of the Redstone family, which controls most of Paramount's voting stock [5]. - The bid was made just before the expiration of a 45-day "go-shop" period, allowing Paramount to consider other offers, leading to an extension of this period by 15 days [5]. - Skydance's proposal involves injecting over $8 billion into Paramount and reducing its debt by $1.5 billion, while Bronfman's counteroffer includes a tender offer of $16 per share for non-voting shareholders [6][7]. Group 3: Leadership and Management Changes - If Bronfman's bid is successful, he plans to take over as CEO of Paramount and retain current employees, while also bringing in experienced executives Jon Miller and John Martin for key roles [6].