Edgar Bronfman Jr.’s strategic vision for Paramount Global includes forging partnerships with major technology firms like Amazon or Apple to enhance its streaming-TV operations. Bronfman, who recently made a late bid for control of Paramount, believes the company needs advanced expertise in customer acquisition and advertising to better compete in the streaming market.
Paramount’s streaming segment reported $26 million in earnings on $1.88 billion in sales last quarter, with Paramount+ hosting 68 million subscribers, trailing behind rivals such as Netflix and Disney. The company also took a $5.98 billion hit related to its cable-TV channels, which have struggled amid the shift to streaming.
Bronfman’s plans extend beyond improving streaming capabilities; he also seeks to partner with a company that can elevate Paramount’s brand licensing for consumer products. The 69-year-old media executive is competing with independent film producer David Ellison for control of Paramount, home to CBS, MTV, and other media properties.
Bronfman recently submitted a $6 billion bid to acquire National Amusements Inc., the Redstone family’s holding company that controls Paramount’s voting stock, along with additional shares of the company. He is finalizing his financing package and has secured the necessary investors.
Paramount’s board is expected to review Bronfman’s proposal on August 28 to determine if it surpasses Ellison’s offer. Ellison’s plan involves investing over $8 billion in Paramount, purchasing shares from existing investors, and merging his Skydance Media into Paramount at a $4.75 billion valuation—a move Bronfman argues could dilute shareholder value.
Both Bronfman and Ellison have extended offers to Paramount Chair Shari Redstone to remain on the board. Bronfman’s proposal also includes plans to retain Paramount’s current co-CEOs and introduce media veterans Jon Miller and John Martin to key positions.
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