Paramount: Bronfman withdraws, Skydance advances
August 27, 2024
Edgar Bronfman Jr has dropped a $6 billion (€5.3bn) bid for Paramount, leaving the way clear for the Skydance offer.
“It was a privilege to have the opportunity to participate,” Bronfman said. “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.”
Bronfman had gatecrashed the agreed merger deal between Paramount and David Ellison’s Skydance, just before the expiration of a ‘go shop’ period for the group to explore other deals. His exit paves the way for Skydance to complete its merger with Paramount.
Paramount’s board committee has reiterated its support for the Skydance deal, which it expects to close in the “first half of 2025”.
“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,” the committee said.
Bronfman’s sudden entrance and quick exit is the latest twist in the long battle over Paramount. Skydance had said it would invest more than $8 billion in a deal agreed with Paramount in July but had given the group until August 21st to entertain a higher offer.
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