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Bronfman Withdraws $6B Bid for Paramount Amid Financial Concerns
2024-08-27 05:50:09
Business
Markets

Bronfman Withdraws $6B Bid for Paramount Amid Financial Concerns

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Media executive Bronfman pulls out of the race to acquire Paramount Global, retracting his $6 billion offer due to high net worth individuals' unease with financial disclosures. Paramount, renowned for its assets including a film studio and popular networks, faced potential disruption from Bronfman's bid, especially with the impending $8.4 billion Skydance deal.

This move likely ends the bidding war with Skydance, led by David Ellison. As Bronfman exits the go-shop process, Paramount is exploring the sale of non-core TV stations amidst the takeover drama, offering potential buyers a strategic opportunity post-election.

The press radar on this topic:

seekingalpha
26. August 2024 um 19:20

Paramount looking to sell a dozen non-core TV stations amid takeover drama - report

Economy
Finance
Paramount Global is exploring the sale of 12 non-core TV stations in markets like New York, Philadelphia, Dallas, and Tampa, which could fetch $500 million to $1 billion. The stations, some former CW affiliates, are expected to draw interest from private equity firms and other broadcasters. The potential sale comes amid ongoing takeover drama over who gets the controlling stake in Shari Redstone's company, with David Ellison of Skydance Media and Edgar Bronfman Jr. submitting rival bids. Poten..
New York Times - Business
27. August 2024 um 13:23

Edgar Bronfman Jr. Drops Pursuit of Paramount

Economy
Edgar Bronfman Jr. drops pursuit of Paramount, paving the way for Skydance to acquire the Hollywood studio after an $8 billion merger agreement in July. Bronfman's bidding group notifies Paramount's board of directors of the decision, expressing respect for the process and congratulating Skydance on the deal. Paramount, described as an extraordinary company with marquee brands, will see a new chapter under Skydance's ownership. This marks the end of Bronfman's involvement in the acquisition.
seekingalpha
27. August 2024 um 01:11

Edgar Bronfman drops out of bidding for Paramount Global - reports

Economy
Finance
Edgar Bronfman Jr., heir to Seagram Co., has dropped out of bidding for Paramount Global after submitting a $6 billion proposal to challenge Skydance Media's deal. Bronfman's decision likely ends the bidding war between him and Skydance, run by David Ellison, son of Oracle co-founder Larry Ellison. Bronfman had submitted a $6 billion offer for National Amusements, Paramount Global's parent, and was working on finalizing his financing package. Skydance had accused Paramount of breaching the terms..
CNBC
27. August 2024 um 01:00

Media exec Bronfman pulls out of race to acquire Paramount

Economy
Finance
Media exec Bronfman withdraws $6B bid for Paramount Global, which owns film studio, CBS network, Nickelodeon, Comedy Central, due to high net worth individuals' financial disclosure concerns. Paramount had $8.4B Skydance deal, which Bronfman's offer to acquire controlling shareholder National Amusements threatened. Bronfman exited the go-shop process.
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