Shari Redstone's involvement at Paramount could be maintained through Bronfman's bid.

• If the special committee approves Edgar Bronfman Jr.'s consortium's bid for a controlling stake at Paramount, Shari Redstone may remain involved.
• David Ellison of Skydance has discussed Redstone's future with the company.
• Jon Miller, the former AOL CEO, is part of the group bidding for Bronfman's assets. Miller and Redstone run Advancit Capital, a venture capital firm that specializes in media and technology investments.

If Edgar Bronfman Jr.'s offer for a controlling stake in CBS is successful, it could keep Shari Redstone close to the company.

If the Paramount special committee approves Redstone's consortium's bid for National Amusements, the controlling shareholder, Bronfman is willing to allow Redstone to continue being involved with the company as a non-executive chairman at Paramount.

According to sources, Bronfman has secured $6 billion to challenge Skydance Media for control of National Amusements, the holding company founded by Sumner Redstone. Both parties' bids would also involve purchasing a portion of Paramount Global's common shareholders.

At $6 billion, Bronfman's bid would provide cash to approximately 20% of Class B holders at $16 per share. Skydance would pay out about 50% of current Paramount common investors at $15 per share as part of its bid, according to sources.

The Paramount Global special committee will decide if Bronfman's offer is a superior proposal for shareholders by Aug. 28. If it is, Skydance will have four business days to match. The deadline for the entire process to be concluded is Sept. 5. It's not clear if Redstone prefers one offer over the other.

The special committee has granted Bronfman 15 more days to raise additional funds for a competing bid to challenge Skydance's $8 billion deal with Paramount Global.

Redstone could potentially have more control over a future Paramount Global if she were to accept Bronfman's bid, as former AOL CEO Jon Miller, a close ally of Redstone, would likely take a role with the company if it came under Bronfman's stewardship. Bronfman would be CEO of the company if his deal were to be accepted and go through, according to people familiar with the matter.

Advancit Capital, a small venture capital firm that specializes in media and technology, is run by Miller, Redstone, and Redstone's son-in-law, Jason Ostheimer. The trio are the only individuals listed on the firm's website. According to sources, Miller has served as a de facto strategic advisor to Redstone for many years.

According to sources, Redstone has not discussed the bid with Miller.

Although the Redstone and Bronfman families have frequently donated to Jewish foundations and run in similar circles, Edgar Bronfman Jr. and Shari Redstone have not had many interactions and do not have a close pre-existing relationship, according to two sources.

According to sources, David Ellison, CEO of Skydance, and Redstone have discussed the possibility of Redstone remaining as a shareholder in a merged Skydance-Paramount Global.

Regardless of Paramount Global's ownership, Redstone is adopting a wait-and-see stance on any future involvement she may desire.

No comment was provided by spokespeople for Redstone, Bronfman, the Paramount Global special committee, and Skydance.

11th hour bid

A person familiar with the process has revealed that Bronfman has recently gathered individuals interested in purchasing a portion of Paramount Global, including film producer Steven Paul and Patron cofounder John Paul DeJoria, who had previously contemplated making their own bid, as well as Fortress Investment Group and former Turner Broadcasting CEO John Martin.

Bronfman's financing, which comes from multiple sources, may raise regulatory concerns if a significant portion of the funds are from foreign entities. Additionally, having numerous financers may make Bronfman's offer riskier compared to Skydance's bid, which is backed by RedBird Capital and multibillionaire Larry Ellison, the father of David Ellison.

The former head of Universal and Warner Music is currently the chairman of a sports streaming service.

The Wall Street Journal reported on Thursday that Skydance's lawyers sent a letter to Paramount Global's special committee, demanding the company to cease negotiations with Bronfman. According to the report, Skydance claimed that Paramount Global breached the terms of the go-shop agreement by not informing Skydance about its plans to extend the window.

Skydance contended that the special committee lacked the authority to prolong the go-shop because a bid must "reasonably be anticipated to result in a superior proposal." Skydance maintained that the Bronfman bid did not fulfill the requirements.

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