Edgar Bronfman Jr. Ends Paramount Bid

A consortium of investors led by Edgar Bronfman Jr. has dropped its acquisition bid for Paramount Global.

Last week, Paramount Global said it was considering the acquisition proposal from Edgar Bronfman Jr. and had extended the “go shop” period it announced after sealing a merger agreement with Skydance. Per U.S. reports, the Bronfman consortium offered $6 billion to acquire Paramount parent National Amusements. With the end of the Bronfman Jr. bid, Paramount’s “go shop” period is concluded.

Last month, Paramount and Skydance Media formally announced a merger deal, with the new combined entity to be run by David Ellison as chairman and CEO and Jeff Shell as president. The all-stock transaction values Skydance at $4.75 billion. Skydance Investor Group, comprised of the Ellison family and RedBird Capital Partners, will invest $2.4 billion to acquire parent company National Amusements for cash and $4.5 billion for the stock/cash merger consideration, with $1.5 billion of primary capital to be added to Paramount’s balance sheet.

“On behalf of the Special Committee, we thank Mr. Bronfman and his investor group for their interest and efforts,” said Charles E. Phillips, Jr., Chair of the Special Committee. “Having thoroughly explored actionable opportunities for Paramount over nearly eight months, our Special Committee continues to believe that the transaction we have agreed with Skydance delivers immediate value and the potential for continued participation in value creation in a rapidly evolving industry landscape.”

The Skydance transaction is expected to close in the first half of 2025, subject to regulatory approvals and other customary closing conditions.