Here comes a plot twist: As Skydance Media and RedBird Capital Partners work to close the Larry Ellison-backed takeover of Paramount Global this spring, a consortium of investors who previously bid on the storied media conglomerate is mounting an eleventh-hour $13.5 billion offer.
Variety has obtained a legal letter that is being sent to Paramount’s board Friday, Jan. 24, from Project Rise Partners that outlines a new bid that is higher than an all-cash offer the consortium made during the go-shop window. The group says its terms are vastly superior to the $8 billion deal from Skydance and RedBird.
The letter, prepared by the law firm Baker & Hostetler, notes that in light of “the market’s negative reaction to the Skydance transaction, PRP is now increasing its offer as follows: The offer for the B shares is $19 per share compared to $15 per share in the Skydance offer — a 75% premium and 27% more than Skydance. The PRP offer for the A shares remains the same as the Skydance offer. PRP will add $2B to the balance sheet. This is an all-cash offer with committed financing from credible investors.”