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 ...

KEY TAKEAWAYS Paramount Global's special committee has extended the "go-shop" deadline to Sept. 5 as it reviews the latest takeover bid by Edgar Bronfman Jr. that may trump Skydance Media's accepted offer. The Wall Street Journal reported that Bronfman raised his offer for Shari Redstone's media empire to $6 billion for Paramount controlling shareholder National Amusements and a minority stake in the entertainment giant. David Ellison's Skydance had agreed to a deal with Redstone worth more than $8 billion ...

Paramount announced a merger with Skydance Media in July. The deal, however, had a 45-day period that allowed Paramount to seek other bidders. Cue in Edgar Bronfman Jr., ex-CEO of Warner Music Group, who submitted an offer at the 11th hour. 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! Access your favorite topics in a personaliz ...

The future of Paramount Global is still uncertain. Paramount's special committee on Wednesday said it would extend by 15 days an agreed-upon "go shop" period of its merger agreement with Skydance as it reviews a competing offer from Edgar Bronfman Jr. Bronfman initially offered $4.3 billion for Shari Redstone's National Amusements, the controlling shareholder of Paramount, according to a person familiar with the bid. However, after placing the bid late Monday, Bronfman raised more funds to support a higher ...

Veteran media executive Edgar Bronfman sweetened his offer to $6 billion for National Amusements and a minority stake in Paramount Global, according to a person familiar with the matter He had previously offered $4.3 billion, according to Reuters sources. Shares of Paramount rose more than 2.3% after the bell. The competing offer for the home of Paramount Pictures, the CBS broadcast network and MTV threatens to undo an acquisition by tech scion David Ellison and his firm, Skydance Media. billion. Getty Imag ...

The drama around Paramount Global is entering a new act after media mogul Edgar Bronfman Jr. submitted a $4.3 billion bid that could put the company's proposed merger with David Ellison's Skydance Media on ice. Bronfman made his offer to take control of the conglomerate — home to CBS, MTV, Comedy Central and Hollywood studio Paramount — by acquiring the Redstone family holding company, National Amusements, sources said. The offer comes a month after Shari Redstone and Paramount's board members approved a bi ...

Topline It's a battle of the billionaire scions for the wavering Paramount media empire, with gin heir Edgar Bronfman Jr. reportedly throwing in his own multibillion-dollar bid for media heiress Shari Redstone's stake in the CBS parent company, competing with an agreed-upon offer from David Ellison, the son of tech billionaire and the world's fifth-richest person, Larry Ellison. Edgar Bronfman, Jr speaks at a 2019 conference. Getty Images Key Facts Several outlets reported Bronfman made an approximately $4. ...

KEY TAKEAWAYS Media executive Edgar Bronfman Jr. has reportedly submitted a formal $4.3 billion bid for National Amusements, the controlling shareholder of Paramount Global, after Skydance Media struck a deal for Shari Redstone's media empire last month. According to The Wall Street Journal, Bronfman's offer for National Amusements is similar in price to Skydance's. Apart from a $400 million breakup fee, a key difference is that there would be no dilution for Paramount shareholders, as it isn't an all-stock ...

About this content About William Farrington William kickstarted his career as a researcher and reporter for a global legal publication, covering everything from public law to M&A. Before moving to Proactive Investors, he worked as a reporter for a major fintech company with a focus on cryptocurrency and blockchain technology. Harking from Queensland, Australia, William obtained first-class honours in journalism and media from Birkbeck University before going on to complete an MA in creative and critical wri ...