Paramount Studios (Wikipedia)
Edgar Bronfman Jr. has officially dropped his bid to acquire Paramount. The decision came just one week after the Seagram heir and former media mogul made a $6 billion bid to acquire Shari Redstone’s National Amusements Inc. The company owns a majority of Paramount Global and is the owner of the famed Paramount movie studios.
“We continue to believe that Paramount Global is an extraordinary company, with an unrivaled collection of marquee brands, assets and people. 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.”
Mr. Bronfman’s bid for Paramount seemed to be losing momentum last week as the company and its parent company, National Amusements, scrutinized his proposal. Reports indicated that some people involved in the deal doubted whether Bronfman could secure the necessary financing to justify his $6 billion offer by the deadline.
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A source told Reuters that Bronfman’s bid relied on the participation of high net worth individuals, “some of whom were disconcerted seeing their names appear in news stories about the offer.”
Now it seems that David Ellison’s Skydance Media will be the winner in the Paramount sweepstakes.
“Having thoroughly explored actionable opportunities for Paramount over nearly eight months, our Special Committee continues to believe that the transaction we have agreed with Skydance delivers immediate value and the potential for continued participation in value creation in a rapidly evolving industry landscape,” said Charles Phillips Jr., chair of Paramount’s special committee.
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.
