Media Veteran Edgar Bronfman Jr. Withdraws from Paramount Global Race
(Reuters) – Media veteran Edgar Bronfman Jr. has withdrawn from the race for Paramount Global, clearing the way for Skydance Media to take control of Shari Redstone’s empire and ending one of the most chaotic media bidding wars in recent history.
Paramount and David Ellison’s Skydance signed a merger deal in early July, which included a 45-day “go-shop” period to consider other offers. A special board committee extended the deadline for Bronfman Jr.’s consortium to Sept. 5.
The special Paramount board committee has stated it has concluded the “go-shop” period and expects the deal with Skydance to close in the first half of 2025.
Key Events in the Takeover Saga
| Year | Events |
|---|---|
| 2019 | CBS Corp and Viacom merge to form ViacomCBS, acquiring a 49% stake in film studio Miramax from BeIN Media Group for $375 million |
| 2020 | ViacomCBS rebrands a CBS streaming service to Paramount+ and launches it internationally; sells CNET Media Group to Red Ventures for $500 million |
| 2021 | ViacomCBS agrees to sell CBS Studio Center to private firms for $1.85 billion |
| 2022 | ViacomCBS changes its name to Paramount Global |
| 2023 | Warner Bros Discovery and Paramount executives reportedly converse about a potential deal |
| 2024 | Skydance CEO David Ellison explores an all-cash bid for Paramount, while Media entrepreneur Byron Allen submits a $30-billion offer for Paramount, including debt and equity |
| March 2024 | India’s Reliance Industries agrees to buy Paramount’s 13.01% stake in Viacom18 Media for $517 million |
| March 2024 | Apollo Global Management reportedly offers to buy Paramount Pictures for $11 billion |
| April 2024 | Paramount’s board agrees to exclusive merger talks with Skydance; replaces CEO Bob Bakish with a new leadership office |
| June 2024 | Edgar Bronfman Jr. expresses interest in buying National Amusements, Paramount’s controlling shareholder; talks abruptly end with Skydance |
| July 2024 | Barry Diller’s IAC explores a bid for Paramount; National Amusements reaches a preliminary deal to sell its controlling interest to Skydance |
| July 2024 | Skydance Media and Paramount agree to merge, offering shareholders $4.5 billion in cash or stock; Paramount announces a $6 billion writedown of cable networks and cuts 15% of its workforce |
| August 2024 | Edgar Bronfman Jr. submits a $4.3 billion bid through National Amusements, later increasing his offer to $6 billion; he drops out of the process as the Paramount special board committee concludes the “go-shop” period, expecting closure on the Skydance deal in the first half of 2025. |
Comments (0)