Seagram's heir Edgar Bronfman Jr. withdraws from Paramount acquisition race
Media mogul and Seagram's gin heir Edgar Bronfman Jr. has withdrawn his bid to acquire Paramount Global. Bronfman's bid relied on participation of high net worth individuals, who were reluctant to disclose their personal financial details to Paramount's special committee and its advisors, according to Reuters. This clears the way for Skydance Media to take control of the company.
Bronfman's statement on Paramount Global
In a statement, Bronfman acknowledged the exceptional nature of Paramount Global and its assets. "We continue to believe that Paramount Global is an extraordinary company, with an unrivaled collection of marquee brands, assets and people," he said. He also expressed optimism about the company's future despite differences during the sale process. "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."
Initial bid and potential impact
Bronfman had initially led an investor group to acquire Paramount. The plan was to purchase the controlling stake from National Amusements, the media company's primary shareholder. However, Bronfman had to show equity financing commitments of around $6.3 billion for his takeover attempt, but fell short of that figure. This proposal had threatened to disrupt an $8.4 billion agreement previously reached between Paramount and Skydance in July.
