Edgar Bronfman Jr., the Seagram heir and former media mogul, is now the latest to make a bid to buy Paramount Studios from its parent company operated by Shri Redstone, the late Sumner Redstone’s heir. According to a report in the Wall Street Journal, Bronfman is exploring a potential partnership with several key players. These include Roku, a streaming device giant, Fortress Investment Group, a financial services firm, and Hollywood producer Steven Paul. Notably, Paul had previously attempted a similar consortium bid that ultimately fell through.
The days of the great American movie studios standing alongside the American auto industry and others as giants of American capitalism have long since gone. One by one, what were once seven titans, have whittled away. United Artists died, Columbia Pictures is now Sony Pictures and makes a faction of the movies it once did and Fox sold out entirely to Disney.
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Paramount has been courted recently by many suitors including Apollo Global Management and the owner of the Weather Channel Byron Allen. In December there were reports that Shari Redstone was looking at a merger between Paramount and Warner Bros, which operates the Warner Bros movie studios and cable television networks like CNN and HBO.
Then, in April, Skydance Media was looking to acquire Paramount. Founded in 2006 by David Ellison, the son of entrepreneur Larry Ellison who founded Oracle Computers, Skydance Media is a diversified entertainment company that focuses on creating high-budget films, television shows, and other media experiences. But that deal, as well as the others, fell through.
But unlike with the other suitors, Edgar Bronfman is said to be looking to acquire all of Paramount. The Wall Street Journal said he has only until August 21 to complete a deal.
Edgar Bronfman Jr. is a prominent figure known for his involvement in various industries, including film, music, and media. As the son of Edgar Bronfman Sr., heir to the Seagram liquor fortune, he inherited a significant legacy.
While he had initial aspirations as a musician and filmmaker, Bronfman eventually took the reins of the family business. He oversaw the acquisition of PolyGram and its merger with Universal Music Group, creating a global music powerhouse.
Edgar Bronfman’s tenure at Seagram was marked by both successes and controversies. His decision to sell Seagram’s crown jewels to focus on media and entertainment raised eyebrows.
