Paramount Global Class B Stock News

The saga for control of Paramount Global (PARA) continues, with Skydance Media reportedly demanding that the entertainment giant stop negotiating with Edgar Bronfman Jr.

David Ellison's Skydance Media is firing back at Paramount Global, accusing a special committee at the media and entertainment giant of violating the merger deal the two companies struck last month after Paramount said it would allow more time for talks with another interested buyer, according to a report on Thursday.

Bronfman Jr. sweetened his bid to take over Paramount offering $6 billion for its controlling shareholder National Amusements and a minority stake in Paramount.

Skydance Media is urging Paramount Global to stop considering a proposal by an investor group led by Edgar Bronfman Jr. to buy control of the company, threatening to withdraw its own offer unless it does.

Skydance Media is accusing Paramount Global's special committee of directors of breaching the terms of its deal by extending the period of time when it can engage with other bidders, the Wall Street Journal reported on Thursday.

Skydance Media is accusing Paramount's special committee of directors of breaching the terms of its deal by extending the period of time when it can engage with other bidders for the company, according to a letter viewed by The Wall Street Journal.

Paramount Global (NASDAQ:PARA) has extended the “go shop” period of its $8 billion merger agreement with Skydance to evaluate a competing bid from media executive Edgar Bronfman Jr., the former CEO of Warner Music Group and Seagram. The company said on Wednesday it would extend the “go shop” period by 15 days to September 5 to evaluate the new bid.

Paramount Global (PARA) said that its special committee extended the "go-shop" deadline to Sept. 5 as it reviews the latest takeover bid by Edgar Bronfman Jr. that may trump Skydance Media's accepted offer.