Edgar Bronfman “Exiting” $6B Bid For Paramount, Clears Way For Skydance Merger
deadline.comThe 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 provided to Deadline on Monday evening. “We continue to believe that Paramount Global is an extraordinary company, with an unrivaled collection of marquee brands, assets and people,” the former Vivendi vice-chair added. “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.
We congratulate the Skydance team and thank the special committee and the Redstone family for their engagement during the go-shop process.” RELATED: Paramount Takes $5.98B Write-Down At Cable Networks Amid Sale Intrigue This latest twist in the fate of the studio that made The Godfather comes just days after Bronfman, the Seagram heir and Fubo TV executive chairman, upped his initial offer by $1.7 billion to a $6 billion investment.
Skydance had put forth a $8.4 billion offer with a full merger of the two companies, bringing animation, film and TV production and other assets under the newly combined entity.
Read more on deadline.com