Edgar Bronfman Jr. withdraws offer for Paramount, allowing Skydance merger to go ahead

📆 8/27/2024 10:24 AM
📰 AP

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Edgar Bronfman News

Jr.,Mergers And Acquisitions,General News

The merger between entertainment giant Paramount and media company Skydance is set to go ahead after Edgar Bronfman Jr. withdrew a competing offer. Bronfman is executive chairman of streaming service Fubo. He told Paramount’s special committee of directors that he would not proceed with his bid.

FILE - The main gate to Paramount Studios is seen on Melrose Avenue, July 8, 2015, in Los Angeles. FILE - Edgar Bronfman Jr., Chairman and CEO of Warner Music Group, discusses his company and the music industry at The Paley Center for Media in New York, Sept. 17, 2007. FILE - The main gate to Paramount Studios is seen on Melrose Avenue, July 8, 2015, in Los Angeles. FILE - The main gate to Paramount Studios is seen on Melrose Avenue, July 8, 2015, in Los Angeles. FILE - Edgar Bronfman Jr.

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. 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.

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