Edgar Bronfman Jr. withdraws bid for Paramount, clearing path for Skydance merger

📆 2024-08-27 17:02:00
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Paramount

The merger between entertainment giant Paramount and media company Skydance is set to go ahead after Edgar Bronfman Jr. withdrew a competing offer.

New York — Bronfman, executive chairman of streaming service Fubo, told Paramount's special committee of directors Monday night that he would not proceed with his bid. '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,' he said. Bronfman, the former chairman and CEO of Warner Music, had intitially offered $4.

, the chairperson of the Special Committee, said in a statement that, '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.

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