The merger between Paramount Global and Skydance Media is set to take place after media veteran Edgar Bronfman Jr withdrew from the race for the Hollywood film and TV studio.
A Bronfman-led consortium of investors lodged a last-minute $6bn bid last week to buy out the studio’s controlling shareholder, Shari Redstone’s National Amusements.
The bid threatened to disrupt an $8.4bn merger agreement that was agreed between Paramount Global and Skydance in July. The agreement included a 45-day “go-shop” period in which other bidders could attempt to make a better offer. Bronfman’s bid came right at the end of the period.
In a statement, Bronfman said his bidding group had informed Paramount’s special committee on Monday evening that it had decided to drop out of the bidding.
Bronfman said: “While there may have been differences, we believe that everyone involved in the sale process is united in the belief that Paramount’s best days are ahead. We congratulate the Skydance team and thank the special committee and the Redstone family for their engagement during the go-shop process.”
“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,” said Charles E. Phillips, Jr., the chair of a Paramount board special committee, in a statement.
Paramount expects the deal with Skydance to close in the first half of 2025, pending regulatory approval.
Skydance was launched by David Ellison, the son of billionaire Larry Ellison, who founded the software company Oracle. It has helped to produce some major Paramount hits in recent years, including Top Gun: Maverick and the Mission Impossible films.
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