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.
You are not signed in
Only registered users can comment on this article.
Netflix uses GenAI on 300 titles in 2026
Netflix has revealed that nearly 300 titles on its platform have used generative AI, from early concept stages and pre-visualisation through to post-production and release.
Poppy Dixon appointed BBC Head of Documentaries
The BBC has appointed former Sky executive Poppy Dixon as its Head of Documentaries.
Virgin Media launches AI robots to monitor TV network in real-time
Virgin Media has created its own AI robots to monitor its television network quality in real-time in a bid to quickly identify and resolve any issues when they occur.
US government seizes over 1,000 websites streaming FIFA World Cup
Global anti-piracy coalition the Alliance for Creativity and Entertainment (ACE) has applauded the US government’s seizure of over 1000 illegal websites streaming the FIFA World Cup over the past month.
Channel 4 names Simon Rexworthy as Chief Strategy and Corporate Development Officer
Simon Rexworthy has been named Channel 4’s Chief Strategy and Corporate Development Officer. He will report to Chief Executive Priya Dogra and join the broadcaster’s executive committee.
