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Paramount Studios in Los Angeles on April 29, 2024.
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Media veteran Edgar Bronfman Jr. withdrew from the race to take management Paramount Worldwidehe stated on Monday.
Bronfman’s bid was contingent on the participation of rich people who had been uncomfortable sharing their private monetary data with Paramount’s particular committee and its advisers, a supply near the matter advised Reuters.
“We proceed to consider that Paramount International is a unprecedented firm, with an unmatched assortment of marquee manufacturers, belongings and folks,” Bronfman stated in a press release. “Whereas there might have been variations, we consider that everybody concerned within the sale course of is united within the perception that Paramount’s greatest days are but to come back.”
Final week, an investor group led by Bronfman proposed taking management of Paramount in a $6 billion bid, which might take over the media firm’s majority proprietor, Nationwide Amusements.
That bid for Paramount — dwelling to the eponymous movie studio, the CBS broadcast community and cable networks together with Nickelodeon and Comedy Central — threatened to derail an $8.4 billion deal reached between Paramount and Skydance in July.
Spokespeople for Paramount’s particular committee couldn’t instantly be reached for remark. Skydance declined to remark.
Media government Bronfman withdraws from race to accumulate Paramount
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