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Veteran media government Edgar Bronfman Jr. has submitted a roughly $4.3 billion bid to take over Paramount World by the acquisition of Nationwide Amusements, the household holding firm that owns a controlling stake within the media firm, an individual acquainted with the matter instructed Reuters.
The competing provide for the house of Paramount Photos, the CBS broadcast community and MTV is a contemporary twist in a sale course of marked by numerous sudden turns.
It threatens to undo a deliberate acquisition by David Ellison’s Skydance Media, which signed a deal in early July. The settlement included a 45-day “go-shop interval” that’s set to run out on Aug. 21.
Listed here are the important thing occasions within the takeover saga
December 2019 – CBS Corp and Viacom merge to type ViacomCBS, combining mogul Sumner Redstone’s media items 13 years after a break up. ViacomCBS acquires a 49% stake in movie studio Miramax from BeIN Media Group for $375 million
September 2020: ViacomCBS rebrands a CBS streaming service to Paramount+ and launches it in worldwide markets. Sells CNET Media Group to Pink Ventures for $500 million
November 2021: ViacomCBS agrees to promote CBS Studio Middle to non-public corporations for $1.85 billion
February 2022: ViacomCBS modifications its identify to Paramount World
December 2023: The chief executives of Warner Bros Discovery and Paramount are reported to be in talks for a possible deal between the businesses
January 2024: Skydance CEO David Ellison reportedly explores an all-cash bid to amass Paramount dad or mum, Nationwide Amusements
January 2024: Media entrepreneur Byron Allen submits a $30 billion provide for Paramount, together with debt and fairness
March 2024: India’s Reliance Industries agrees to purchase Paramount’s complete 13.01% stake in native leisure community, Viacom18 Media, for about $517 million
April 2024: Paramount’s board reportedly agrees to enter into unique merger talks with Skydance
April 2024: Paramount replaces CEO Bob Bakish with an workplace of CEO comprising CBS President and CEO George Cheeks, Paramount Photos studio chief Brian Robbins and Chris McCarthy, head of Showtime, MTV and different networks
June 2024: Edgar Bronfman Jr, former chairman of Warner Music, reportedly expresses an curiosity in shopping for Nationwide Amusements, Paramount’s controlling shareholder
June 2024: Sumner’s daughter and Nationwide Amusements President Shari Redstone abruptly ends talks with Skydance
July 2024: Barry Diller’s digital media conglomerate, IAC, reportedly explores a bid for Paramount and enters into non-disclosure agreements with Nationwide Amusements
July 2024: Nationwide Amusements reportedly reaches a preliminary deal to promote its controlling curiosity in Paramount to Skydance
July 2024: Skydance Media and Paramount conform to merge in a two-step course of, providing shareholders $4.5 billion in money or inventory
August 2024: Paramount says it wrote down the worth of its cable networks by almost $6 billion and that it will reduce 15% of its US workforce
—Priyanka.G, Yuvraj Malik and Akash Sriram, Reuters
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Reuters
2024-08-20 19:45:00
Source :https://www.fastcompany.com/91176199/paramount-rival-bid-edgar-bronfman
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