Group 1 - Edgar Bronfman Jr. has withdrawn from bidding for Shari Redstone's media empire, paving the way for a sale to David Ellison's Skydance Media [1][2] - The special committee has decided to close the "go-shop" period and proceed with the Skydance Media deal [2] - The committee reached out to over 50 third parties to gauge interest in bidding for Paramount [3] Group 2 - Paramount agreed to a deal with Skydance and RedBird Capital Partners for over $8 billion, including debt, to acquire controlling shareholder National Amusements and form "New Paramount" [4] - Paramount shares have decreased by 23% year-to-date and are down an additional 4.7% to $10.80 in premarket trading [4]

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of a rival bid led by Edgar Bronfman Jr., the committee acknowledged having received word that the offer had been withdrawn.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- ...

Core Viewpoint - Edgar Bronfman Jr. has withdrawn his bid to acquire Paramount, facilitating the sale of the media company to Skydance Media led by David Ellison [1][2][3] Group 1 - Bronfman, the former CEO of Warner Music Group, informed Paramount of his decision to exit the bidding process just before the merger deadline [3] - The withdrawal of Bronfman's bid removes obstacles for Paramount's sale to Skydance Media, which is now likely to proceed smoothly [1][2] - Bronfman made a last-minute offer prior to the scheduled closing of Paramount's merger with Skydance Media [3]

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 ...

Core Viewpoint - Edgar Bronfman Jr. is seeking to partner Paramount with a technology company to enhance its streaming strategy, particularly in light of its recent financial struggles and competition in the market [2][3][4]. Group 1: Bidding War and Financial Context - Bronfman has made a surprise $6 billion bid for Paramount, entering a competitive situation with Skydance Media, which had previously planned a merger with Paramount [1][4]. - Paramount has experienced a 17% revenue decline in the last quarter, indicating financial challenges that Bronfman believes can be addressed through a tech partnership [4]. - Paramount+ has 68 million subscribers, significantly trailing behind Netflix, which has over 277 million subscribers as of June [3]. Group 2: Strategic Moves and Proposals - Bronfman's bid includes acquiring National Amusements Inc., the holding company of the Redstone family, which controls most of Paramount's voting stock [5]. - The bid was made just before the expiration of a 45-day "go-shop" period, allowing Paramount to consider other offers, leading to an extension of this period by 15 days [5]. - Skydance's proposal involves injecting over $8 billion into Paramount and reducing its debt by $1.5 billion, while Bronfman's counteroffer includes a tender offer of $16 per share for non-voting shareholders [6][7]. Group 3: Leadership and Management Changes - If Bronfman's bid is successful, he plans to take over as CEO of Paramount and retain current employees, while also bringing in experienced executives Jon Miller and John Martin for key roles [6].

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 ...

KEY TAKEAWAYS Skydance Media reportedly is demanding that Paramount Global stop acquisition talks with media executive Edgar Bronfman Jr. According to The Wall Street Journal, Skydance's lawyers said Paramount's special committee breached the terms of its deal for Shari Redstone's media empire by extending the "go-shop" deadline to Sept. 5. Paramount on Wednesday extended the deadline after receiving Bronfman's reported $6 billion offer for Redstone's National Amusements and a minority stake in the entertai ...

Skydance Media is urging Paramount Global to stop considering a proposal by an investor group led by Edgar Bronfman Jr. to buy control of the company, threatening to withdraw its own offer unless it does. In a letter from its lawyers on Thursday, Skydance told Paramount it had breached the terms of a merger agreement the two companies announced last month. The deal includes a "go-shop" provision allowing the committee of Paramount's board of directors formed to steer the M&A process to pursue a "superior" o ...

About this content About Emily Jarvie Emily began her career as a political journalist for Australian Community Media in Hobart, Tasmania. After she relocated to Toronto, Canada, she reported on business, legal, and scientific developments in the emerging psychedelics sector before joining Proactive in 2022. She brings a strong journalism background with her work featured in newspapers, magazines, and digital publications across Australia, Europe, and North America, including The Examiner, The Advocate, The ...