David Ellison's Skydance Media has taken issue with Paramount's flirtation with Edgar Bronfman Jr.
Just when the $8.4-billion deal for David Ellison's Skydance Media to buy Paramount Global was gliding toward the finish line, Shari Redstone's roller-coaster sale took another sharp turn. Seagram liquor company heir Edgar Bronfman Jr. this week persuaded Paramount's independent board members to consider his rival bid for the Redstone family's investment firm, National Amusements Inc., and a minority stake in Paramount.
But Skydance already has sweetened its offer for Paramount and NAI — twice. There could be continued heartburn over the terms of the Skydance deal. The major issue, according to shareholders, is the all-stock nature of the transaction and the plan to fold David Ellison's smaller Santa Monica Skydance studio into Paramount. Some shareholders have grumbled over the $4.75-billion valuation of Skydance, alleging the entertainment firm isn't worth nearly that much.
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