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Skydance Accuses Paramount of Violating Deal Agreement by Negotiating With Edgar Bronfman Jr.: Report
Skydance Media is alleging Paramount Global breached the terms of their merger agreement by engaging with a rival bid from Edgar Bronfman Jr.
In the latest twist in the Paramount Global M&A saga, Skydance Media is alleging the media company breached the terms of their merger agreement by engaging with a rival bid from investors led by billionaire Edgar Bronfman Jr. Lawyers for David Ellison’s Skydance sent a letter to the special committee established by Paramount to evaluate M&A offers, accusing the committee of breaking the terms of their deal and threating to withdraw its own $8 billion-plus offer, the Wall Street Journal reported. In response, the Paramount board’s special committee extended the go-shop period for considering credible bids that rival Skydance’s offer by 15 days, until Sept. 5.
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