Paramount special committee extends Skydance ‘go shop' period as it reviews Bronfman offer

Paramount agreed to merge with Skydance last month, but the company said it would have a 45-day “go shop” period to solicit other offers.

Paramount's special committee on Wednesday said it would extend by 15 days an agreed-upon"go shop" period of its merger agreement with Skydance as it reviews a competing offer from Edgar Bronfman Jr.

The special committee on Wednesday confirmed"the receipt of an acquisition proposal from Edgar Bronfman, Jr., on behalf of a consortium of investors." The committee added that during the initial"go shop" period it contacted more than 50 third parties to gauge potential acquisition interest. The go-shop period will still expire before midnight Wednesday for all other parties, the committee said.

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