Edgar Bronfman Jr. walked away from his bid for Paramount after the company's special committee demanded his consortium submit a final offer Monday, according to people familiar with the matter. Initially, Bronfman thought he would have until end of day Tuesday to round up financing, but the deadline moved up a day to give the special committee and its financial adviser Centerview Partners enough time to perform due diligence on the bid, said the people, who asked not to be named because the discussions wer ...

KEY TAKEAWAYS Paramount Global's special committee said Edgar Bronfman Jr. has withdrawn from bidding for Shari Redstone's media empire. Bronfman's retreat sets the stage for the entertainment giant to be sold to David Ellison's Skydance Media. The committee said that it had "contacted more than 50 third parties" to see if they were interested in bidding for Paramount. Paramount Global's (PARA) special committee said Edgar Bronfman Jr. has withdrawn from bidding for Shari Redstone's media empire, setting th ...

A special committee of Paramount Global's board set up to steer its M&A process has declared an end to the "go-shop" period in its pending Skydance Media merger and says the transaction will close in the first half of 2025. In a statement tonight following the withdrawal of a rival bid led by Edgar Bronfman Jr., the committee acknowledged having received word that the offer had been withdrawn. The emergence of that alternative to David Ellison's Skydance had earlier prompted the committee to extend the "go- ...

Edgar Bronfman Jr. exits his bid to own Paramount, clearing the path for Skydance Media sale. Bronfman, the ex-CEO of Warner Music Group, withdrew his bid just before the merger deadline. Paramount's sale to David Ellison's Skydance Media is now likely to proceed without obstacles. Insider Today NSIDER TODA Sign up to get the inside scoop on today's biggest stories in markets, tech, and business — delivered daily. Read preview Bull Thanks for signing up! Go to newsletter preferences Thanks for signing up! A ...

Media veteran Edgar Bronfman Jr pulled out of the race to take control of Paramount Global, he said on Monday. Bronfman's bid relied on participation of high net worth individuals, who were uncomfortable sharing their personal financial information with the Paramount special committee and its advisors, a source close to the matter told Reuters. The offer for Paramount had threatened to derail an $8.4 billion agreement reached by Paramount and Skydance in July. REUTERS "We continue to believe that Paramount ...

The Paramount Global ball is back in Skydance's court as Edgar Bronfman has discontinued his short-lived $6 billion bid to take control of the Shari Redstone-run media giant. "Tonight, our bidding group informed the special committee that we will be exiting the go-shop process. It was a privilege to have the opportunity to participate," Bronfman said in a statement Monday evening. "We continue to believe that Paramount Global is an extraordinary company, with an unrivaled collection of marquee brands, asset ...

Paramount's beaten down stock price ticked up Monday following speculation that Edgar Bronfman Jr. may jack up his alreadysweetened offer even higher to win the bidding war for the struggling media giant. The veteran media executive reportedly raised his bid to $6 billion for National Amusements and a minority stake in Paramount Global last week — after initially offering $4.3 billion — in the latest twist over the company's future. However, Bronfman "may very well increase his bid yet again," CNBC's David ...

Edgar Bronfman Jr. wants Paramount to partner with a tech company for streaming, per Bloomberg. Bronfman entered a bidding war with Skydance over control of Paramount with a $6 billion surprise bid. Both bidders have until September 5 to update their offers. Insider Today NSIDER TODAY Sign up to get the inside scoop on today's biggest stories in markets, tech, and business — delivered daily. Read preview Bull Thanks for signing up! Go to newsletter preferences Thanks for signing up! Access your favorite top ...

Edgar Bronfman Jr. is open to having Shari Redstone remain involved with Paramount Global if its special committee accepts his consortium's bid for National Amusements, the controlling shareholder, CNBC reported Friday. On Wednesday, the veteran media executive sweetened his bid to take over Paramount offering $6 billion for National Amusements and a minority stake in the media conglomerate. Bronfman's competing offer threatens to undo a planned acquisition by tech scion David Ellison and his independent st ...

Edgar Bronfman Jr.'s offer for a controlling stake in Paramount Global could keep Shari Redstone close to the company, if his bid is successful. Bronfman is open to having Redstone, currently non-executive chairman at Paramount, remain involved with the company if the Paramount special committee accepts his consortium's bid for National Amusements, the controlling shareholder, according to a person familiar with the matter. Bronfman has raised $6 billion to challenge Skydance Media for ownership of National ...