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

📆 8/27/2024 10:24 AM
📰 AP

⏱ Reading Time:
18 sec. here
19 min. at publisher
📊 Quality Score:
News: 70%
Publisher: 51%

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.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

Write Comment

United Kingdom United Kingdom Latest News, United Kingdom United Kingdom Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Paramount extends its Skydance go-shop period to consider acquisition bid from Edgar BronfmanThe decision to consider the bid from Seagram heir Edgar Bronfman comes after Paramount had agreed to merge with Skydance.
Source: CBSNews - 🏆 87. / 68 Read more »