Skydance Reportedly Demands Paramount Stop Acquisition Talks With Bronfman

The saga for control of Paramount Global (PARA) continues, with Skydance Media reportedly demanding that the entertainment giant stop negotiating with Edgar Bronfman Jr.

Skydance, in a letter from its lawyers, said Paramount’s special committee breached the terms of its takeover agreement for Shari Redstone’s media empire by extending the “go-shop” deadline to Sept. 5, according to The Wall Street Journal.

Paramount on Wednesday extended the deadline to assess bids rivaling Skydance’s after receiving Bronfman’s reported $6 billion offer for Redstone’s National Amusements and a minority stake in the entertainment giant.

Skydance Says Bronfman’s Bid Isn’t Superior

Skydance said Bronfman’s bid for control of Paramount isn’t superior and therefore the deadline shouldn’t have been extended, the Journal reported. 

David Ellison’s company had agreed to a deal with Redstone worth more than $8 billion that involved buying National Amusements and merging Skydance with Paramount, the Journal reported last month.

Bronfman’s offer is the latest in a series of bids for control of Paramount in recent months. The entertainment firm, which owns CBS, MTV, and its eponymous movie studio, has been struggling as the rise of streamers like Netflix (NFLX) disrupt traditional networks.

Paramount shares are slipping 1.6% about 45 minutes before the opening bell Friday. They have lost about a quarter of their value year-to-date.