Following the news earlier this week that media mogul Edgar Bronfman Jr wants to acquire Paramount, the company has extended the period that allows it to consider other bids.
The so-called “go shop” window which allowed the company to consider offers was due to end on August 21st. Paramount has now extended the window until September 5th, but will not look at any new offers other than Bronfman’s.
The committee established to consider bids for Paramount warned that the extension does not mean it will necessarily accept the bid, which is believed to have been raised from an initial $4.3 billion to $6 billion.
The bid is thought to include a $400 million kill fee should Paramount opt to go for his deal instead of Skydance, which it initially accepted last month. Skydance would also be able to enter a counter offer.
The extension is the latest twist in a saga that has gripped Hollywood for much of the summer. Rumours of Paramount sale first began in April when Sony looked to muscle in on the company’s talks with Skydance. That then led to the ousting of CEO Bob Bakish after he reportedly opposed a deal with Skydance.
