Former Seagram and Warner Music executive Edgar Bronfman Jr. continued his 11th hour pursuit of Paramount Global, increasing his offer to $6 billion for the Redstone family's investment firm and Paramount, sources said.
Former Seagram and Warner Music executive Edgar Bronfman Jr. continued his 11th-hour pursuit of Paramount Global, increasing his offer to $6 billion for the Redstone family's investment firm and the historic studio, according to three people close to the matter were not authorized to comment.
Compensation for Class B shareholders has been a critical issue. Paramount board members have worked to demonstrate that they have been fulfilling their fiduciary duty of looking out for the interests of all shareholders, not just voting Class A shareholders, including the Redstone family, which owns 77% of the controlling shares. Some shareholders have expressed dismay over Ellison's multi-phased deal, primarily his plan to fold his Santa Monica studio, Skydance, into Paramount.
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