Former U.S. media executive Edgar Bronfman Jr. is reportedly open to Shari Redstone's continued involvement with Paramount Global if his consortium's bid for National Amusements, the company's controlling shareholder, is accepted by the special committee at Paramount, according to CNBC. Bronfman recently sweetened his offer to take over Paramount, proposing $6 billion for National Amusements and a minority stake in the media conglomerate. This competing bid from Bronfman poses a significant threat to the planned acquisition by tech entrepreneur David Ellison and his independent studio, Skydance Media.

Bronfman expressed his gratitude to Paramount Chair Shari Redstone for her "continued support" and "open dialogue" throughout the bidding process in a letter dated August 19, addressed to the Paramount special committee. While the letter does not outline a specific ongoing role for Redstone at the company, the decision regarding her future involvement rests ultimately with Redstone herself, a source familiar with the matter revealed. Notably, Bronfman allowed Sidney Sheinberg, the president of MCA, to retain his office after gaining control of the company in 1995.

As of now, there has been no comment from a spokesperson representing Redstone or from Bronfman in response to requests for comments. If Paramount, currently under the ownership of Redstone's family business, accepts Bronfman's offer, and Skydance does not match it, Paramount would be required to pay a break-up fee of $400 million. Paramount and the special board committee have declined to comment on the matter, while National Amusements and Bronfman have not yet provided a response.

Furthermore, according to reports, Skydance Media CEO David Ellison has also held discussions with Redstone about her future involvement with the company. Paramount and Skydance Media had previously signed a merger deal in early July, which included a 45-day "go shop" period, allowing the solicitation and consideration of alternative offers. The special board committee extended the deadline for this "go-shop" period from August 21 to September 5 in order to evaluate Bronfman's bid. The Wall Street Journal reported that Skydance Media accused Paramount Global's special committee of breaching the terms of the deal by extending the period for engaging with other potential bidders.

The fate of Paramount Global and Redstone's role within the company now hangs in the balance as the special committee deliberates on the competing bids. The outcome of these negotiations could have far-reaching implications for the future direction of the media conglomerate.