Bronfman raises bid for National Amusements, Paramount stake to $6 billion, WSJ reports

(Reuters) -Veteran media executive Edgar Bronfman Jr sweetened his offer to $6 billion for National Amusements and a minority stake in Paramount Global, people familiar with the matter told the Wall Street Journal on Wednesday.

He had previously offered $4.3 billion, according to Reuters sources. Shares of Paramount rose more than 2.3% after the bell.

The competing offer for the home of Paramount Pictures, the CBS broadcast network and MTV threatens to undo an acquisition by tech scion David Ellison and his firm, Skydance Media.

Bronfman’s new bid includes $1.7 billion for a tender offer that would give non-Redstone, non-voting Paramount shareholders an option to cash out at a premium of $16 a share, the report said.

That compares to Paramount’s agreement with Skydance, which has committed $4.3 billion to buy Class B shares, each for $15 cash.

Skydance and National Amusements had agreed to a 45-day go-shop period, which is set to end on Aug. 21 and allowed Paramount to solicit and evaluate other offers.