Edgar Bronfman Jr. Expresses Interest in Paramount Ownership

Former media executive Edgar Bronfman Jr., backed by private equity firm Bain Capital, has expressed interest in buying Paramount's controlling shareholder National Amusements, a source familiar with the matter said Monday.

Reuters reports it is unclear what Bronfman's interest might mean for the leading bidder for Paramount, independent studio Skydance Media, which has structured a complex $8 billion deal to gain control of the larger studio, through the purchase of National Amusements, and subsequently merge with Paramount.

Bronfman is looking to offer between $2 billion and $2.5 billion for National Amusements, the private company that holds the Redstone family's controlling interest in Paramount, the source said. Bain would provide the financing as a fund investment, said the source, adding that neither party has performed due diligence.

Edgar Bronfman Jr

The Wall Street Journal was first to report Bronfman's interest. National Amusements and Bain Capital declined to comment. Bronfman did not respond to requests for comment.

Skydance Media's CEO David Ellison reduced an initial $2.5 billion bid for National Amusements in order to offer additional cash for Paramount's non-voting shareholders, Reuters reported last week, citing sources.

The Reuters report said Redstone was unhappy with the reduced offer for the family's controlling stake in the company, potentially opening the door for rival bidders to make their case.

Bronfman, the Seagram heir and former chairman of Warner Music, is one of two parties that had expressed interest in acquiring National Amusements. The other is independent Hollywood producer Steven Paul, whose film credits include "Baby Geniuses."

Paul, CEO of Crystal Sky Pictures, has also been lining up to make an offer for National Amusements for around $3 billion, WSJ reported last month.

Negotiations with Skydance have been going on for months.