Paramount stock jumps after report of new bid for parent company

By Adam L. Cataldo

Paramount Global's stock rose after the Wall Street Journal reported that media executive Edgar Bronfman Jr. was preparing an offer to buy National Amusements, the family company that owns the legacy media business.

The stock (PARA) gained 7.1%, to $10.96 a share, in Thursday trading. Shares have declined 26% this year.

Bronfman has held discussions with a number of individuals and companies to help back his bid, the Journal reported, citing people familiar with the matter. They include Fortress Investment Group and streaming-device maker Roku. Bronfman has previously run Warner Music and liquor giant Seagram.

An offer could be made in the coming days, the Journal said. Discussions are continuing and it is also possible that no formal bid will be made.

Last month, Skydance Media reached an agreement to buy National Amusements for $1.75 billion. That deal is subject to a "go-shop period," that would allow other potential buyers to make offers, the Journal reported. That period ends Aug. 21, and if Paramount does go with another buyer, it will owe Skydance a breakup fee of $400 million, the Journal said, citing a securities filing.

Paramount is the owner of the namesake film studio, broadcaster CBS and cable channels such as MTV and Nickelodeon.

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08-15-24 2118ET

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