Paramount Global has been acquired by Skydance Media. Bronfan has withdrawn from the race for the broadcaster
Paramount Global has been officially purchased by Skydance Media of the film producer David Ellisonson of the co-founder of Oracle, Larry EllisonThe broadcaster also controls networks such as CBS, MTV And Nickelodeon. As reported by Primaonline, the group led by Edgar Bronfman Jr he decided to retire.
During the 45-day period for evaluating proposals, Bronfman had put forward two offers, respectively of 4.3 and 6 billion dollars, thus temporarily blocking the agreement already reached in July between Paramount And Skydance. “During the go-shop period, the representatives of the Special Committee” of Paramount “they contacted more than 50 parties to see if they were interested in submitting a proposal for the acquisition,” reads the note with which the group owning Hollywood studios and cable TV has made official the withdrawal of the former president of Warner Music.
“After thoroughly exploring the opportunities available to Paramount over the course of nearly eight months, our special committee continues to believe that the transaction we have agreed to with Skydance offers immediate value and the potential for continued participation in value creation in a rapidly evolving industrial landscape,” said the chairman of the special committee Charles E. Phillips Jr.
The passage of Paramount to Skydance will be completed in two phases with the closing scheduled for the first half of 2025.
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