Hollywood Week: Paramount Entertains Bronfman Bid, Skydance Media Demand Negotiations Stop, Phil Donahue
- Details
- Category: Entertainment News
- Published on Saturday, 24 August 2024 10:50
- Written by Janet Walker
Hollywood is a deal town, and nothing has captivated the attention of industry insiders over the summer as much as the potential sale of Paramount Global, owned by Shari Redstone's National Amusements, which took a dramatic turn this week.
Paramount Entertains New Bid
With a deal done, and in the can, David Ellison, the son of Oracle founder, Larry Ellison, and his Skydance Media appeared the winner. A go-shop addendum provided potential buyers to submit bids before the 45-day window closed. According to sources, the Paramount committee, who reviewed potential offers to validate their viability, contacted more than 50 other investors before the window closed to determine if there were any other bidders.
Hollywood Week: Matthew Perry Investigation Leads to Arrests, Carol Burnett, Deadpool & Wolverine, Gena Rowlands
There had been rumors that industry veteran Edgar Bronfman, the heir to Seagram, the alcohol beverage company, had been contacting investors in an effort to secure investors to present a counterbid. On August 20, 2024, an investor group led by Bronfman submitted a $4.3 billion dollar bid, which was similar to the Ellison deal.
Once the bid was accepted, and under consideration, Bronfman secured additional investors and raised the bid to $6 billion, which is a significant increase over the Skydance Media deal.
The Economic Times of India reported, "Bronfman's new bid includes $3.2 billion in funds that can be used to pay down Paramount's debt or to purchase non-voting Paramount shares held by investors other than the Redstone family for $16 cash, the person said on condition of anonymity because the information was not public," citing Reuters as their source.
Hollywood Week: Paramount Mystery Bid Hoax, Olympics Prove Golden for NBC, CBS Makeover, Aerosmith Retires
Skydance Media Demand Negotiations Stop
After Paramount acquisition committee accepted Bronfman's bid, attorneys for Skydance Media sent a letter, accusing them of breach of terms, and explained, while they are not "exercising their right to terminate the transaction," they may in the future. The go-shop window was extended to September 5, 2024, so that Bronfman's bid can be reviewed to determine if the deal has enough depth to be worth the considerable time necessary to complete the sale.
While the Skydance Media deal is not terminated, it has moved from a sure thing to an acceptable and continued consideration as Shari Redstone, who owns the controlling shares, through National Amusements entertains Bronfman's bid.
Hollywood Week: Biden/Clooney, Paramount/Skydance, Baldwin Trial Tossed, Shelly Duvall
If the Bronfman bid is accepted, it would be given the same "go-shop" window as the Skydance Media deal. Ellison would then have the chance to counter the bid. If Redstone decides to terminate the Skydance Media deal, she would be required to pay a $400 million dollar break-up fee, which Bronfman's deal indicated he would cover.
Of course, there is the possibility that Redstone is using Bronfman's bid to drive up the sale tag for the business that her family owned for more than four decades.
Janet Walker, Award-Winning Screenwriter, Director, Producer, and Publisher, Unveils Slate at EFM
Phil Donahue, America’s First Talk Show Host, Dies
Phil Donahue, journalist, media personality, producer, died this week, after a lengthy illness. He was 88.
"The journalist pioneered the modern format of issue-based daytime talk shows featuring audience participation. His show would become one of the most influential programs of its time, with Donahue winning nine Daytime Emmy Awards for outstanding host," reported Today.com.
He is survived by his wife of 44 years, actress Marlo Thomas, their children, and extended family members. No further information is available.
Janet Walker is the publisher, founder, and sole owner of Haute-Lifestyle.com. A graduate of New York University, she has been covering international news through the Beltway Insider, a weekly review of the nation's top stories, for more than a decade. A general beat writer/reporter and entertainment/film critic, she is also an accomplished news/investigative news/crime reporter and submitted for Pulitzer Prize consideration "Cops Conspire to Deep Six Sex Assaults" in the Breaking News Category. Ms. Walker has completed five screenplays, "The Six Sides of Truth," "The Assassins of Fifth Avenue," "The Wednesday Killer," "The Manhattan Project," and the sci-fi thriller "Project 13: The Last Day." She is a member of the Los Angeles Press Club, the National Writers Union, and the International Federation of Journalists.
