Paramount Global Announces Withdrawal Of Bronfman Consortium's Acquisition Proposal

(RTTNews) - The Special Committee of Paramount Global's Board of Directors (PARA, PARAA) announced that Edgar Bronfman, Jr. has informed them that his investor consortium has withdrawn its acquisition proposal. Consequently, the "Go-Shop" period, as outlined in the Transaction Agreement with Skydance Media, LLC, has now ended for all interested parties.

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

In July 2024, Media major Paramount Global and Skydance Media, founded by David Ellison, son of Oracle founder Larry Ellison, announced their agreement to merge in an all-stock transaction, to form New Paramount at an enterprise value of around $28 billion.

The companies had been engaged in merger talks for months, and would be combined in a two-step transaction, including the acquisition of Paramount parent National Amusements, Inc. or NAI, and subsequently a merger of Skydance and Paramount Global.