Paramount jumps as Edgar Bronfman reportedly readies takeover bid

Paramount rose sharply Thursday after the Wall Street Journal reported that investor Seagram Bronfman Jr. is set to make a fresh offer to buy the struggling entertainment company.

Paramount Global Class B was up more than 7% in recent trading.

Bronfman has held talks with a number of individuals and companies including Fortress Investment Group, RUKU and Hollywood producer Steven Paul to support his bid for the company, the WSJ reported, citing people familiar with the matter.

An offer could be made in the coming says, the sources told the Journal, though it remains possible that the talks don’t progress to a formal bid.

A potential bid would come just a little over a month after Shari Redstone agreed to sell her family’s majority stake in Paramount Global to Skydance Media. The Paramount-Skydance deal, however, remains in the so-called go-shop period, which ends Aug. 21, and allows other potential suitors can make a competing bid.

In the event that Paramount reverses its decision accepts a competing offer, it would have to pay a Skydance a break up fee of $400M.

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