(Bloomberg) -- Paramount Global, which has agreed to merge with David Ellison’s Skydance Media, is likely to extend a deadline for rival takeover bids if Edgar Bronfman Jr. makes an offer for the company before Wednesday night, people with knowledge of the matter said.
Bronfman, a longtime media investor, is expected to make an offer for Paramount, the parent of CBS and MTV, as early as Monday, according to one of the people, who wasn’t authorized to speak publicly and asked not to be identified.
Paramount agreed to combine with Skydance last month. The terms included a 45-day “go shop” period in which Paramount could solicit and consider other offers. That expires on Aug. 21 at 11:59 p.m. New York time, according to their agreement. The company may extend the deadline to Sept. 5 if it receives a potentially superior offer, the people said.
Bronfman, an heir to the Seagram Co. fortune, has been poring over financial data that Paramount provided potential bidders and has held talks with a wide range of potential investors.
They include Bain Capital, which has dropped out. Roku Inc., which held preliminary discussions about participating in an offer for Paramount, hasn’t committed, according to a person familiar with the situation.
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