Former media executive Edgar Bronfman Jr., backed by private equity firm Bain Capital, has expressed interest in buying the company that controls Paramount Global. This is the latest twist in one of the most turbulent business scenarios in recent times.

Bronfman, who previously led Warner Music and the spirits giant Seagram, plans to bid between 2 and 2.5 billion dollars for National Amusements. This privately held cinema company is controlled by Shari Redstone, who also oversees Paramount Global.

Redstone is currently in advanced negotiations to sell a majority stake in National Amusements to Skydance Media. Paramount, which includes the famous film studio, the CBS broadcast network, and cable networks like Nickelodeon, Comedy Central, and MTV, would then merge with Skydance, a production company led by David Ellison.

At the same time, Hollywood producer Steven Paul is preparing a financing offer of around 3 billion dollars for National Amusements, according to the Wall Street Journal.

It remains unclear how seriously the Redstone family will consider other offers for National Amusements while negotiations with Skydance are ongoing and whether potential bidders can secure the necessary financing.

A sale of National Amusements would mean that Paramount gets a new majority owner. The deal with Skydance, as currently being discussed, would give Paramount's non-Redstone shareholders the opportunity to sell their shares at a price above the current rate.

According to the discussed terms of the Skydance deal, Skydance and its supporters, including RedBird Capital Partners and Ellison's father, Oracle co-founder Larry Ellison, will inject $1.5 billion into Paramount's balance sheet to reduce debt.

The deal includes an additional $4.5 billion to purchase approximately 50% of the non-voting shares at $15 each and to offer the non-Redstone voting shares $23 apiece or a transfer to the new company.

Advisors from National Amusements, Paramount, and Skydance negotiated over the weekend about the final hurdles to a deal, including the handling of potential shareholder lawsuits, according to some of the people involved.

Some investors have criticized the way the Redstones and Paramount have managed the sales process. National Amusements holds a 77% voting stake in Paramount.

Bronfman and Bain would first conduct a due diligence examination of National Amusements and Paramount, which could take several weeks, before proceeding with an offer. Bain's investment committee would also need to approve a formal bid.

Bronfman has held senior positions in the music industry since 1995, when he aimed to diversify his family's Seagram business into the media and entertainment world. That year, he led Seagram to acquire MCA, whose record division he renamed Universal Music Group. He then oversaw Universal's acquisition of PolyGram to create the world's largest music company.

The Bronfman family sold Seagram to the French conglomerate Vivendi in 2000. Bronfman resigned as Executive Vice Chairman of Vivendi Universal in 2001. Three years later, he returned to the music industry by leading an investor group that bought Warner Music from Time Warner.

In 2011, Bronfman stepped down as CEO of Warner Music after the company was acquired by Access Industries, the firm of billionaire Len Blavatnik. In 2016, he made several attempts to acquire Time Inc., which were, however, rejected. Since April 2020, Bronfman has been serving as Executive Chairman of Fubo.