Edgar Bronfman Jr. has made a $4.3 billion bid to buy control of Paramount Global. This move, in stark opposition to the competing proposal of Skydance Media, led by David Ellison, opens a new chapter of strategies, alliances and acquisitions in the world of film, television and entertainment in general.
Bronfman intends to acquire not only National Amusements Inc., which holds the majority of Paramount’s voting stockbut also inject $1.5 billion to ease the major’s debt situation. Both deals highlight a critical period for Paramount, which is trying to navigate through significant debts exceeding $14.6 billion with a growing need for innovation and grappling with spending review.
Earlier this year, under the leadership of Bob Bakish, Paramount has laid off more than 800 employees. Recent internal communications, revealed by The Hollywood Reporter, have announced that By September, Nicole Clemens, head of the TV division, and George Cheeks, co-CEO along with Chris McCarthy and Brian Robbins, will proceed with the closure of the television production division. Current projects will be transferred under the management of CBS Studios.
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