Current:Home > StocksEdgar Bronfman Jr. withdraws offer for Paramount, allowing Skydance merger to go ahead -CapitalEdge
Edgar Bronfman Jr. withdraws offer for Paramount, allowing Skydance merger to go ahead
View
Date:2025-04-12 21:18:00
NEW YORK (AP) — The merger between entertainment giant Paramount and media company Skydance is set to go ahead after Edgar Bronfman Jr. withdrew a competing offer.
Bronfman, executive chairman of streaming service Fubo, told Paramount’s special committee of directors Monday night that he would not proceed with his bid.
“While there may have been differences, we believe that everyone involved in the sale process is united in the belief that Paramount’s best days are ahead,” he said.
Bronfman, the former chairman and CEO of Warner Music, had intitially offered $4.3 billion for Shari Redstone’s National Amusements, the controlling shareholder of Paramount, according to multiple media reports. He then upped that bid to $6 billion.
Paramount agreed last month to a merger deal with Skydance that will inject desperately needed cash into a legacy studio that has struggled to adapt to a shifting entertainment landscape.
Since then, during what’s known as a “go shop” period, a special committee of Paramount’s board had reached out to more than 50 third parties to determine whether they were interested in making offers. The go shop period was extended for Bronfman, but has now closed.
Shari Redstone’s National Amusements has owned more than three-quarters of Paramount’s Class A voting shares through the estate of her late father, Sumner Redstone. She had battled to maintain control of the company that owns CBS, which is behind blockbuster films such as “Top Gun” and “The Godfather.”
The deal signals the rise of a new power player, Skydance founder David Ellison, the son of billionaire Larry Ellison, who founded the software company Oracle.
Skydance, based in Santa Monica, California, has helped produce some major Paramount hits in recent years, including Tom Cruise films like “Top Gun: Maverick” and installments of the “Mission Impossible” series.
The proposed combined company of Paramount and Skydance is valued at around $28 billion. The deal is expected to close in September 2025, pending regulatory approval.
Paramount, founded in 1914 as a distributor, is one of Hollywood’s oldest studios and has had a hand in releasing numerous films — from “Sunset Boulevard” and “The Godfather,” to “Raiders of the Lost Ark” and “Titanic.”
veryGood! (448)
Related
- Google unveils a quantum chip. Could it help unlock the universe's deepest secrets?
- The White House and big tech companies release commitments on managing AI
- As seas get hotter, South Florida gets slammed by an ocean heat wave
- As Flooding Increases, Chicago Looks To Make Basement Housing Safer
- A White House order claims to end 'censorship.' What does that mean?
- Inflation may be cooling, but the housing market is still too hot for many buyers
- How climate change could cause a home insurance meltdown
- Here's what happens to the body in extreme temperatures — and how heat becomes deadly
- In ‘Nickel Boys,’ striving for a new way to see
- Top Chef Reveals New Host for Season 21 After Padma Lakshmi's Exit
Ranking
- US wholesale inflation accelerated in November in sign that some price pressures remain elevated
- A New Study from China on Methane Leaks from the Sabotaged Nord Stream Pipelines Found that the Climate Impact Was ‘Tiny’ and Nothing ‘to Worry About’
- Why the Feared Wave of Solar Panel Waste May Be Smaller and Arrive Later Than We Expected
- Science Day at COP27 Shows That Climate Talks Aren’t Keeping Pace With Planetary Physics
- Romantasy reigns on spicy BookTok: Recommendations from the internet’s favorite genre
- Study Shows Protected Forests Are Cooler
- Keep Cool With the 9 Best Air Conditioner Deals From Amazon Prime Day 2023
- TikTok’s Favorite Oil-Absorbing Face Roller Is Only $8 for Amazon Prime Day 2023
Recommendation
Friday the 13th luck? 13 past Mega Millions jackpot wins in December. See top 10 lottery prizes
20 Lazy Cleaning Products on Sale During Amazon Prime Day for People Who Want a Neat Home With No Effort
The U.S. could slash climate pollution, but it might not be enough, a new report says
The U.S. could slash climate pollution, but it might not be enough, a new report says
The 401(k) millionaires club keeps growing. We'll tell you how to join.
Affirmative action for rich kids: It's more than just legacy admissions
As Emissions From Agriculture Rise and Climate Change Batters American Farms, Congress Tackles the Farm Bill
This Automatic, Cordless Wine Opener With 27,500+ 5-Star Reviews Is Only $21 for Amazon Prime Day 2023