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Skydance Urges Paramount To Spurn Edgar Bronfman-Led Offer
Skydance Media is urging Paramount Global to stop considering a proposal by an investor group led by Edgar Bronfman Jr. to buy control of the company.
The deal includes a “go-shop” provision allowing the committee of Paramount’s board of directors formed to steer the M&A process to pursue a “superior” offer. The David Ellison-run Skydance plans to invest $8 billion and fully merge the two companies, bringing animation, film and TV production and other assets to the newly combined entity. “is significantly less favorable to the Paramount stockholders from a financial point of view,” the letter said, noting that offers a much smaller buyout of non-voting, Class B shares.
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