Paramount Global Class B Stock News

The Paramount Global takeover saga has taken a fresh twist with Edgar Bronfman Jr., the media industry veteran who previously headed Warner Music, tabling a $4.3 billion offer for a controlling stake in the business. The deal would see Bronfman take control of National Amusements, the company through which the Redstone family controls the sprawling Paramount media business.

The competing offer for the home of Paramount Pictures, the CBS broadcast network and MTV is a fresh twist in a sale process marked by a number of unexpected turns.

Veteran media executive Edgar Bronfman Jr. has submitted a $4.3 billion bid to acquire National Amusements Inc., the holding company that controls the majority of Paramount Global's voting stock, Bloomberg reported.

Veteran media executive Edgar Bronfman Jr. submitted a bid on Monday to acquire a stake in Paramount Global and National Amusements, the Redstone family company that controls the entertainment giant, a person familiar with the matter told Reuters.

Media executive Edgar Bronfman made a $4.3 billion bid for Shari Redstone's National Amusements and a minority stake in Paramount Global , the Wall Street Journal reported on Monday, citing people familiar with the matter.

Media executive Edgar Bronfman Jr. is formally making his play for Shari Redstone's media empire, in an attempt to scuttle a previous agreement to merge Paramount Global PARA 0.64%increase; green up pointing triangle with David Ellison's production company Skydance Media.

Analysts have taken a gloomy view on the CBS owner as it struggles to crack the streaming game with Paramount+.

Legacy media companies including Disney, Warner Bros. Discovery, Paramount Global and Comcast entered the streaming market with a focus on gaining subscribers but are now looking for a return on their investments.