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Former Warner Music Chief Edgar Bronfman Jr. Drops $6 Billion Bid for Paramount
Former Warner Music Group chairman and CEO Edgar Bronfman Jr. drops his $6 billion bid to buy Paramount, clearing the way for its merger with Skydance
Bronfman, the former chairman and CEO of Warner Music, had intitially offered $4.3 billion for Shari Redstone’s National Amusements, the controlling shareholder of Paramount, according to multiple media reports. Paramount agreed last month to a merger deal with Skydance that will inject desperately needed cash into a legacy studio that has struggled to adapt to a shifting entertainment landscape. Skydance, based in Santa Monica, California, has helped produce some major Paramount hits in recent years, including Tom Cruise films like “Top Gun: Maverick” and installments of the “Mission Impossible” series.
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