With a new bidder in the mix, the future of Paramount won’t be resolved for a while: its planned merger with Skydance is now on hold.
Ever since Paramount Global accepted a merger bid from Skydance Media last month, it looked like the future of Paramount may have been secured. Whilst there would no doubt be many difficult decisions ahead, the future of Paramount’s film studio looked safe at least, given that Skydance have successfully worked with Paramount for a number of years now on lots of film projects, including the Mission: Impossible films and Top Gun: Maverick.
However, part of the deal between the two companies included a ‘go shop’ period where Paramount could still receive bids from other suitors. That period has not yet expired and a rival bid has now emerged, placing the Skydance deal on hold. The investor group has offered $6bn for control of Paramount, an upgrade from the $4.3bn that it had previously put on the table. There’s more to it than just money though – the Redstone family who control Paramount will be looking for buyers who can guarantee the future of the company, so this new consortium will have to do that.
According to Variety, the negotiation period has now been extended into early September, at which point a decision will be made. We imagine that Skydance will still be feeling pretty bullish at this point. The company has already seen off several other interested parties and its CEO, David Ellison has already talked about his plans for the company, signalling his confidence that his company will close the deal.
It’s been an uncertain time for Paramount and there’ll be plenty of eyes on the company now as it engages in talks with this latest suitor, led by Edgar Bronfman. When we do hear any more news regarding the fate of Paramount Global, we’ll let you know here.
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